Full show notes: http://chatwithtraders.com/ep-009-peter-zhang/ - - Sliding in on episode 009 is a special guest to pullback the curtains, and shine some light on the often dark and mysterious inner workings of our financial markets.
Folks, meet Peter Zhang.
A Major in Quantitative Finance who was once without a home, dirt poor and had the odds stacked against him. But with a point to prove and the hustlers ambition, he chased down a mentor who would carefully show him the ropes, and gradually transform him into a trader who could make smart decisions, and smart trades.
After spending his last dollar on a plane ticket to Las Vegas to attend a trading conference, he got in the ear of Anand ‘Lucci’ Sanghvi (EP 008), and convinced him that starting a hedge fund would be a wise idea.
Fast forward a few years, Peter now leads the hedge fund operations at Sang Lucci CapitalPartners, including a completely automated high frequency trading fund. And has a mind-blowing understanding of market structure, as you are about to witness.

published:21 Sep 2015

views:17716

Trading 101: How Does the Stock MarketWork?
Thanks to a subscriber on YouTube, I was given the suggestion to dig deep into "how" exactly the stock market works. Who is in the market? Why do people trade? How is money actually made?
FreeGuide - The 5 Tools I Use To Find Stocks To Trade: https://claytrader.com/lp/Free-Guide-Trading-Tools/?utm_source=social&utm_medium=youtube&utm_campaign=resource%20guide
Enjoy this Free Content? I'm confident you'd enjoy my premium training courses then: https://claytrader.com/training/
Hear real life trading journeys from "normal" people: The Stock Trading Reality Podcast - https://claytrader.com/podcast/

published:09 Sep 2016

views:190006

Why are there stocks at all?
Everyday in the news we hear about the stock exchange, stocks and money moving around the globe. Still, a lot of people don't have an idea why we have stock markets at all, because the topic is usually very dry. We made a short video about the basics of the stock exchanges. With robots. Robots are kewl!
Short videos, explaining things. For example Evolution, the Universe, the Stock Market or controversial topics like Fracking. Because we love science.
We would love to interact more with you, our viewers to figure out what topics you want to see. If you have a suggestion for future videos or feedback, drop us a line! :)
We're a bunch of Information designers from munich, visit us on facebook or behance to say hi!
https://www.facebook.com/Kurzgesagt
https://www.behance.net/kurzgesagt
How the Stock Exchange works
Help us caption & translate this video!
http://www.youtube.com/timedtext_cs_panel?c=UCsXVk37bltHxD1rDPwtNM8Q&tab=2

published:28 Nov 2013

views:4522581

Economics 101 -- "How the Economic MachineWorks."
Created by Ray Dalio this simple but not simplistic and easy to follow 30 minute, animated video answers the question, "How does the economy really work?" Based on Dalio's practical template for understanding the economy, which he developed over the course of his career, the video breaks down economic concepts like credit, deficits and interest rates, allowing viewers to learn the basic driving forces behind the economy, how economic policies work and why economic cycles occur.
To learn more about Economic Principles visit: http://www.economicprinciples.org.
[Also Available In Chinese] 经济这台机器是怎样运行的: http://www.youtube.com/watch?v=-ZbeYejg9Pk
[Also Available In Russian] Как действует экономическая машина. Автор: Рэй Далио (на русском языке): http://youtu.be/8BaNOlIfMLE

published:22 Sep 2013

views:5070784

The New York Stock Exchange (sometimes referred to as "the Big Board") provides a means for buyers and sellers to trade shares of stock in companies registered for public trading. The NYSE is open for trading Monday through Friday from 9:30 am -- 4:00 pm ET, with the exception of holidays declared by the Exchange in advance.
The NYSE trades in a continuous auction format, where traders can execute stock transactions on behalf of investors. They will gather around the appropriate post where a specialist broker, who is employed by an NYSE member firm (that is, he/she is not an employee of the New York Stock Exchange), acts as an auctioneer in an open outcry auction market environment to bring buyers and sellers together and to manage the actual auction. They do on occasion (approximately 10% of the time) facilitate the trades by committing their own capital and as a matter of course disseminate information to the crowd that helps to bring buyers and sellers together. The auction process moved toward automation in 1995 through the use of wireless hand held computers (HHC). The system enabled traders to receive and execute orders electronically via wireless transmission. On September 25, 1995, NYSE member Michael Einersen, who designed and developed this system, executed 1000 shares of IBM through this HHC ending a 203 year process of paper transactions and ushering in an era of automated trading.
As ofJanuary 24, 2007, all NYSE stocks can be traded via its electronic hybrid market (except for a small group of very high-priced stocks). Customers can now send orders for immediate electronic execution, or route orders to the floor for trade in the auction market. In the first three months of 2007, in excess of 82% of all order volume was delivered to the floor electronically.[23] NYSE works with US regulators like the SEC and CFTC to coordinate risk management measures in the electronic trading environment through the implementation of mechanisms like circuit breakers and liquidity replenishment points.[24]
Until 2005, the right to directly trade shares on the exchange was conferred upon owners of the 1366 "seats". The term comes from the fact that up until the 1870s NYSE members sat in chairs to trade. In 1868, the number of seats was fixed at 533, and this number was increased several times over the years. In 1953, the number of seats was set at 1,366. These seats were a sought-after commodity as they conferred the ability to directly trade stock on the NYSE, and seat holders were commonly referred to as members of the NYSE. The Barnes family is the only known lineage to have five generations of NYSE members: Winthrop H. Barnes (admitted 1894), RichardW.P. Barnes (admitted 1926), Richard S. Barnes (admitted 1951), Robert H. Barnes (admitted 1972), Derek J. Barnes (admitted 2003). Seat prices varied widely over the years, generally falling during recessions and rising during economic expansions. The most expensive inflation-adjusted seat was sold in 1929 for $625,000, which, today, would be over six million dollars. In recent times, seats have sold for as high as $4 million in the late 1990s and as low as $1 million in 2001. In 2005, seat prices shot up to $3.25 million as the exchange entered into an agreement to merge with Archipelago and become a for-profit, publicly traded company. Seat owners received $500,000 in cash per seat and 77,000 shares of the newly formed corporation. The NYSE now sells one-year licenses to trade directly on the exchange. Licences for floor trading are available for $40,000 and a licence for bond trading is available for as little as $1,000 as of 2010.[25] Neither are resell-able, but may be transferable in during the change of ownership of a cooperation holding a trading licence.
On February 15, 2011 NYSE and Deutsche Börse announced their merger to form a new company, as yet unnamed, wherein Deutsche Börse shareholders will have 60% ownership of the new entity, and NYSE Euronext shareholders will have 40%.
On February 1, 2012, the European Commission blocked the merger of NYSE with Deutsche Börse, after commissioner Joaquin Almunia stated that the merger "would have led to a near-monopoly in European financial derivatives worldwide".[38] Instead, Deutsche Börse and NYSE will have to sell either their Eurex derivatives or LIFFE shares in order to not create a monopoly. On February 2, 2012, NYSE Euronext and Deutsche Börse agreed to scrap the merger.[39]
In April 2011, IntercontinentalExchange (ICE), an American futures exchange, and NASDAQ OMX Group had together made an unsolicited proposal to buy NYSE Euronext for approximately US$11 billion, a deal in which NASDAQ would have taken control of the stock exchanges.[40] NYSE Euronext rejected this offer two times, but it was finally terminated after the United States Department of Justice indicated their intention to block the deal due to antitrust concerns.
http://en.wikipedia.org/wiki/New_York_Stock_Exchange

published:16 Apr 2014

views:502835

Can physics help us to better understand stock market crashes?
Dragan Mihailović is the head of Department of ComplexMatter, Group leader and Chief Scientist at Jozef Stefan Institute and Professor at the Department of Mathematics and Physics at University of Ljubljana.
In the spirit of ideas worth spreading, TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are self-organized.* (*Subject to certain rules and regulations)

published:10 Jan 2014

views:15434

In his Perimeter InstitutePublic Lecture, James Weatherall tells the story of how, in the aftermath of World War II, some innovative physicists and mathematicians saw surprising connections between physics, gambling, and finance, and put those connections to use to become the first quants. He introduces some of the ideas behind modern quantitative trading and show how the history of mathematical reasoning in finance reveals that these models can be extremely useful — but only if we understand their limitations.

This video is part of the Udacity course "Machine Learning for Trading". Watch the full course at https://www.udacity.com/course/ud501

published:06 Jun 2016

views:1678

How much should you get paid for your job? Well, that depends on a lot of factors. Your skill set, the demand for the skills you have, and what other people are getting paid around you all factor in. In a lot of ways, labor markets work on supply and demand, just like many of the markets we talk about in Crash Course Econ. But, again, there aren't a lot of pure, true markets in the world. There are all kinds of oddities and regulations that change the way labor markets work. One common (and kind of controversial one) is the minimum wage. The minimum wage has potential upsides and downsides, and we'll take a look at the various arguments for an against it.
Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse
Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever:
Mark, EricKitchen, Jessica Wode, Jeffrey Thompson, Steve Marshall, MoritzSchmidt, Robert Kunz, Tim Curwick, Jason A Saslow, SR Foxley, ElliotBeter, Jacob Ash, Christian, Jan Schmid, Jirat, Christy Huddleston, Daniel Baulig, Chris Peters, Anna-Ester Volozh, Ian Dundore, CalebWeeks
--
Want to find Crash Course elsewhere on the internet?
Facebook - http://www.facebook.com/YouTubeCrashCourse
Twitter - http://www.twitter.com/TheCrashCourse
Tumblr - http://thecrashcourse.tumblr.com
Support Crash Course on Patreon: http://patreon.com/crashcourse
CC Kids: http://www.youtube.com/crashcoursekids

published:27 Mar 2016

views:376353

Understanding the mechanics of margin for futures. Initial and maintenance margin.Created by Sal Khan.
Watch the next lesson:
https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/forward-futures-contracts/v/verifying-hedge-with-futures-margin-mechanics?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets
Missed the previous lesson? Watch here:
https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/forward-futures-contracts/v/motivation-for-the-futures-exchange?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets
Finance and capital markets on Khan Academy: In many commodities markets, it is very helpful for buyers or sellers to lock-in future prices. This is what both forwards and futures allow for. This tutorial explains how they work and what the difference is between the two.
About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content.
For free. For everyone. Forever. #YouCanLearnAnything
Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1
Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy

published:22 Mar 2011

views:121542

What is short selling?
Most people think of investing as buying a stock (or other asset) and making money when its price goes up - but it’s also possible to make a profit when a stock price goes down. This process is called short selling (or shorting).
Short selling isn’t all peaches and cream. There are opportunities for high returns, but as usual, these come with high risks. The big risk here is that there is no limit to your losses. When you buy a stock, you can only lose the amount that you invested. But when you short, your losses are infinite because there is theoretically no end to how high a stock’s price can rise.
Short selling isn’t for everyone. It requires a lot of time and research, and a desire for high risks and high returns. Short selling is primarily used for speculator looking to make a profit when the market goes down or investing looking to hedge their position.
Learn more about about short selling with Wall Street Survivor's Understanding Advanced Techniques course: http://courses.wallstreetsurvivor.com/is/16-understanding-advanced-techniques/?courseComplete=1&courseId=924#!

In economics, typically, the term market means the aggregate of possible buyers and sellers of a certain good or service and the transactions between them.

The term "market" is sometimes used for what are more strictly exchanges, organizations that facilitate the trade in financial securities, e.g., a stock exchange or commodity exchange. This may be a physical location (like the NYSE, BSE, NSE) or an electronic system (like NASDAQ). Much trading of stocks takes place on an exchange; still, corporate actions (merger, spinoff) are outside an exchange, while any two companies or people, for whatever reason, may agree to sell stock from the one to the other without using an exchange.

Trading of currencies and bonds is largely on a bilateral basis, although some bonds trade on a stock exchange, and people are building electronic systems for these as well, similar to stock exchanges.

Khan Academy

Khan Academy is a non-profit educational organization created in 2006 by educator Salman Khan with the aim of providing a free, world-class education for anyone, anywhere. The organization produces short lectures in the form of YouTube videos. In addition to micro lectures, the organization's website features practice exercises and tools for educators. All resources are available for free to anyone around the world. The main language of the website is English, but the content is also available in other languages.

In late 2004, Khan began tutoring his cousin Nadia who needed help with math using Yahoo!'s Doodle notepad.When other relatives and friends sought similar help, he decided that it would be more practical to distribute the tutorials on YouTube. The videos' popularity and the testimonials of appreciative students prompted Khan to quit his job in finance as a hedge fund analyst at Connective Capital Management in 2009, and focus on the tutorials (then released under the moniker "Khan Academy") full-time.

Crash Course

Plot

Crash Course centers on a group of high schoolers in a driver’s education class; many for the second or third time. The recently divorced teacher, super-passive Larry Pearl, is on thin ice with the football fanatic principal, Principal Paulson, who is being pressured by the district superintendent to raise driver’s education completion rates or lose his coveted football program. With this in mind, Principal Paulson and his assistant, with a secret desire for his job, Abner Frasier, hire an outside driver’s education instructor with a very tough reputation, Edna Savage, aka E.W. Savage, who quickly takes control of the class.

The plot focuses mostly on the students and their interactions with their teachers and each other. In the beginning, Rico is the loner with just a few friends, Chadley is the bookish nerd with few friends who longs to be cool and also longs to be a part of Vanessa’s life who is the young, friendly and attractive girl who had to fake her mother’s signature on her driver’s education permission slip. Kichi is the hip-hop Asian kid who often raps what he has to say and constantly flirts with Maria, the rich foreign girl who thinks that the right-of-way on the roadways always goes to (insert awesomely fake foreign Latino accent) “my father’s limo”. Finally you have stereotypical football meathead J.J., who needs to pass his English exam to keep his eligibility and constantly asks out and gets rejected by Alice, the tomboy whose father owns “Santini & Son” Concrete Company. Alice is portrayed as being the “son” her father wanted.

Stock market

A stock market or equity market or share market is the aggregation of buyers and sellers (a loose network of economic transactions, not a physical facility or discrete entity) of stocks (also called shares); these may include securities listed on a stock exchange as well as those only traded privately.

Size of the market

Stocks can be categorized in various ways. One common way is by the country where the company is domiciled. For example, Nestlé and Novartis are domiciled in Switzerland, so they may be considered as part of the Swiss stock market, although their stock may also be traded at exchanges in other countries.

At the close of 2012, the size of the world stock market (total market capitalisation) was about US$55 trillion. By country, the largest market was the United States (about 34%), followed by Japan (about 6%) and the United Kingdom (about 6%). This went up more in 2013.

Stock exchange

A stock exchange is a place or organization by which stock traders (people and companies) can trade stocks. Companies may want to get their stock listed on a stock exchange. Other stocks may be traded "over the counter", that is, through a dealer. A large company will usually have its stock listed on many exchanges across the world.

Wall Street

Wall Street is a 0.7-mile-long (1.1km) street running eight blocks, roughly northwest to southeast, from Broadway to South Street on the East River in the Financial District of Lower Manhattan, New York City. Over time, the term has become a metonym for the financial markets of the United States as a whole, the American financial sector (even if financial firms are not physically located there), or signifying New York-based financial interests.

History

Early years

There are varying accounts about how the Dutch-named "de Waal Straat" got its name. A generally accepted version is that the name of the street was derived from an earthen wall on the northern boundary of the New Amsterdam settlement, perhaps to protect against English colonial encroachment or incursions by Native Americans. A conflicting explanation is that Wall Street was named after Walloons— the Dutch name for a Walloon is Waal. Among the first settlers that embarked on the ship "Nieu Nederlandt" in 1624 were 30 Walloon families. The Dutch word "wal" can be translated as "rampart". However, even some English maps show the name as Waal Straat, and not as Wal Straat.

The mechanics of financial markets w/ Peter Zhang of Sang Lucci

Full show notes: http://chatwithtraders.com/ep-009-peter-zhang/ - - Sliding in on episode 009 is a special guest to pullback the curtains, and shine some light on the often dark and mysterious inner workings of our financial markets.
Folks, meet Peter Zhang.
A Major in Quantitative Finance who was once without a home, dirt poor and had the odds stacked against him. But with a point to prove and the hustlers ambition, he chased down a mentor who would carefully show him the ropes, and gradually transform him into a trader who could make smart decisions, and smart trades.
After spending his last dollar on a plane ticket to Las Vegas to attend a trading conference, he got in the ear of Anand ‘Lucci’ Sanghvi (EP 008), and convinced him that starting a hedge fund would be a wise idea.
Fast forward a few years, Peter now leads the hedge fund operations at Sang Lucci CapitalPartners, including a completely automated high frequency trading fund. And has a mind-blowing understanding of market structure, as you are about to witness.

11:46

Trading 101: How Does the Stock Market Work?

Trading 101: How Does the Stock Market Work?

Trading 101: How Does the Stock Market Work?

Trading 101: How Does the Stock MarketWork?
Thanks to a subscriber on YouTube, I was given the suggestion to dig deep into "how" exactly the stock market works. Who is in the market? Why do people trade? How is money actually made?
FreeGuide - The 5 Tools I Use To Find Stocks To Trade: https://claytrader.com/lp/Free-Guide-Trading-Tools/?utm_source=social&utm_medium=youtube&utm_campaign=resource%20guide
Enjoy this Free Content? I'm confident you'd enjoy my premium training courses then: https://claytrader.com/training/
Hear real life trading journeys from "normal" people: The Stock Trading Reality Podcast - https://claytrader.com/podcast/

3:34

How The Stock Exchange Works (For Dummies)

How The Stock Exchange Works (For Dummies)

How The Stock Exchange Works (For Dummies)

Why are there stocks at all?
Everyday in the news we hear about the stock exchange, stocks and money moving around the globe. Still, a lot of people don't have an idea why we have stock markets at all, because the topic is usually very dry. We made a short video about the basics of the stock exchanges. With robots. Robots are kewl!
Short videos, explaining things. For example Evolution, the Universe, the Stock Market or controversial topics like Fracking. Because we love science.
We would love to interact more with you, our viewers to figure out what topics you want to see. If you have a suggestion for future videos or feedback, drop us a line! :)
We're a bunch of Information designers from munich, visit us on facebook or behance to say hi!
https://www.facebook.com/Kurzgesagt
https://www.behance.net/kurzgesagt
How the Stock Exchange works
Help us caption & translate this video!
http://www.youtube.com/timedtext_cs_panel?c=UCsXVk37bltHxD1rDPwtNM8Q&tab=2

31:00

How The Economic Machine Works by Ray Dalio

How The Economic Machine Works by Ray Dalio

How The Economic Machine Works by Ray Dalio

Economics 101 -- "How the Economic MachineWorks."
Created by Ray Dalio this simple but not simplistic and easy to follow 30 minute, animated video answers the question, "How does the economy really work?" Based on Dalio's practical template for understanding the economy, which he developed over the course of his career, the video breaks down economic concepts like credit, deficits and interest rates, allowing viewers to learn the basic driving forces behind the economy, how economic policies work and why economic cycles occur.
To learn more about Economic Principles visit: http://www.economicprinciples.org.
[Also Available In Chinese] 经济这台机器是怎样运行的: http://www.youtube.com/watch?v=-ZbeYejg9Pk
[Also Available In Russian] Как действует экономическая машина. Автор: Рэй Далио (на русском языке): http://youtu.be/8BaNOlIfMLE

The New York Stock Exchange (sometimes referred to as "the Big Board") provides a means for buyers and sellers to trade shares of stock in companies registered for public trading. The NYSE is open for trading Monday through Friday from 9:30 am -- 4:00 pm ET, with the exception of holidays declared by the Exchange in advance.
The NYSE trades in a continuous auction format, where traders can execute stock transactions on behalf of investors. They will gather around the appropriate post where a specialist broker, who is employed by an NYSE member firm (that is, he/she is not an employee of the New York Stock Exchange), acts as an auctioneer in an open outcry auction market environment to bring buyers and sellers together and to manage the actual auction. They do on occasion (approximately 10% of the time) facilitate the trades by committing their own capital and as a matter of course disseminate information to the crowd that helps to bring buyers and sellers together. The auction process moved toward automation in 1995 through the use of wireless hand held computers (HHC). The system enabled traders to receive and execute orders electronically via wireless transmission. On September 25, 1995, NYSE member Michael Einersen, who designed and developed this system, executed 1000 shares of IBM through this HHC ending a 203 year process of paper transactions and ushering in an era of automated trading.
As ofJanuary 24, 2007, all NYSE stocks can be traded via its electronic hybrid market (except for a small group of very high-priced stocks). Customers can now send orders for immediate electronic execution, or route orders to the floor for trade in the auction market. In the first three months of 2007, in excess of 82% of all order volume was delivered to the floor electronically.[23] NYSE works with US regulators like the SEC and CFTC to coordinate risk management measures in the electronic trading environment through the implementation of mechanisms like circuit breakers and liquidity replenishment points.[24]
Until 2005, the right to directly trade shares on the exchange was conferred upon owners of the 1366 "seats". The term comes from the fact that up until the 1870s NYSE members sat in chairs to trade. In 1868, the number of seats was fixed at 533, and this number was increased several times over the years. In 1953, the number of seats was set at 1,366. These seats were a sought-after commodity as they conferred the ability to directly trade stock on the NYSE, and seat holders were commonly referred to as members of the NYSE. The Barnes family is the only known lineage to have five generations of NYSE members: Winthrop H. Barnes (admitted 1894), RichardW.P. Barnes (admitted 1926), Richard S. Barnes (admitted 1951), Robert H. Barnes (admitted 1972), Derek J. Barnes (admitted 2003). Seat prices varied widely over the years, generally falling during recessions and rising during economic expansions. The most expensive inflation-adjusted seat was sold in 1929 for $625,000, which, today, would be over six million dollars. In recent times, seats have sold for as high as $4 million in the late 1990s and as low as $1 million in 2001. In 2005, seat prices shot up to $3.25 million as the exchange entered into an agreement to merge with Archipelago and become a for-profit, publicly traded company. Seat owners received $500,000 in cash per seat and 77,000 shares of the newly formed corporation. The NYSE now sells one-year licenses to trade directly on the exchange. Licences for floor trading are available for $40,000 and a licence for bond trading is available for as little as $1,000 as of 2010.[25] Neither are resell-able, but may be transferable in during the change of ownership of a cooperation holding a trading licence.
On February 15, 2011 NYSE and Deutsche Börse announced their merger to form a new company, as yet unnamed, wherein Deutsche Börse shareholders will have 60% ownership of the new entity, and NYSE Euronext shareholders will have 40%.
On February 1, 2012, the European Commission blocked the merger of NYSE with Deutsche Börse, after commissioner Joaquin Almunia stated that the merger "would have led to a near-monopoly in European financial derivatives worldwide".[38] Instead, Deutsche Börse and NYSE will have to sell either their Eurex derivatives or LIFFE shares in order to not create a monopoly. On February 2, 2012, NYSE Euronext and Deutsche Börse agreed to scrap the merger.[39]
In April 2011, IntercontinentalExchange (ICE), an American futures exchange, and NASDAQ OMX Group had together made an unsolicited proposal to buy NYSE Euronext for approximately US$11 billion, a deal in which NASDAQ would have taken control of the stock exchanges.[40] NYSE Euronext rejected this offer two times, but it was finally terminated after the United States Department of Justice indicated their intention to block the deal due to antitrust concerns.
http://en.wikipedia.org/wiki/New_York_Stock_Exchange

15:55

What can physics tell us about stock market crashes? Dragan Mihailović at TEDxLjubljana

What can physics tell us about stock market crashes? Dragan Mihailović at TEDxLjubljana

What can physics tell us about stock market crashes? Dragan Mihailović at TEDxLjubljana

Can physics help us to better understand stock market crashes?
Dragan Mihailović is the head of Department of ComplexMatter, Group leader and Chief Scientist at Jozef Stefan Institute and Professor at the Department of Mathematics and Physics at University of Ljubljana.
In the spirit of ideas worth spreading, TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are self-organized.* (*Subject to certain rules and regulations)

1:24:18

James Weatherall Public Lecture: The Physics of Wall Street

James Weatherall Public Lecture: The Physics of Wall Street

James Weatherall Public Lecture: The Physics of Wall Street

In his Perimeter InstitutePublic Lecture, James Weatherall tells the story of how, in the aftermath of World War II, some innovative physicists and mathematicians saw surprising connections between physics, gambling, and finance, and put those connections to use to become the first quants. He introduces some of the ideas behind modern quantitative trading and show how the history of mathematical reasoning in finance reveals that these models can be extremely useful — but only if we understand their limitations.

How hedge funds exploit market mechanics

This video is part of the Udacity course "Machine Learning for Trading". Watch the full course at https://www.udacity.com/course/ud501

10:38

Labor Markets and Minimum Wage: Crash Course Economics #28

Labor Markets and Minimum Wage: Crash Course Economics #28

Labor Markets and Minimum Wage: Crash Course Economics #28

How much should you get paid for your job? Well, that depends on a lot of factors. Your skill set, the demand for the skills you have, and what other people are getting paid around you all factor in. In a lot of ways, labor markets work on supply and demand, just like many of the markets we talk about in Crash Course Econ. But, again, there aren't a lot of pure, true markets in the world. There are all kinds of oddities and regulations that change the way labor markets work. One common (and kind of controversial one) is the minimum wage. The minimum wage has potential upsides and downsides, and we'll take a look at the various arguments for an against it.
Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse
Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever:
Mark, EricKitchen, Jessica Wode, Jeffrey Thompson, Steve Marshall, MoritzSchmidt, Robert Kunz, Tim Curwick, Jason A Saslow, SR Foxley, ElliotBeter, Jacob Ash, Christian, Jan Schmid, Jirat, Christy Huddleston, Daniel Baulig, Chris Peters, Anna-Ester Volozh, Ian Dundore, CalebWeeks
--
Want to find Crash Course elsewhere on the internet?
Facebook - http://www.facebook.com/YouTubeCrashCourse
Twitter - http://www.twitter.com/TheCrashCourse
Tumblr - http://thecrashcourse.tumblr.com
Support Crash Course on Patreon: http://patreon.com/crashcourse
CC Kids: http://www.youtube.com/crashcoursekids

3:39

Futures margin mechanics | Finance & Capital Markets | Khan Academy

Futures margin mechanics | Finance & Capital Markets | Khan Academy

Futures margin mechanics | Finance & Capital Markets | Khan Academy

Understanding the mechanics of margin for futures. Initial and maintenance margin.Created by Sal Khan.
Watch the next lesson:
https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/forward-futures-contracts/v/verifying-hedge-with-futures-margin-mechanics?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets
Missed the previous lesson? Watch here:
https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/forward-futures-contracts/v/motivation-for-the-futures-exchange?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets
Finance and capital markets on Khan Academy: In many commodities markets, it is very helpful for buyers or sellers to lock-in future prices. This is what both forwards and futures allow for. This tutorial explains how they work and what the difference is between the two.
About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content.
For free. For everyone. Forever. #YouCanLearnAnything
Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1
Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy

3:00

Understanding Short Selling | by Wall Street Survivor

Understanding Short Selling | by Wall Street Survivor

Understanding Short Selling | by Wall Street Survivor

What is short selling?
Most people think of investing as buying a stock (or other asset) and making money when its price goes up - but it’s also possible to make a profit when a stock price goes down. This process is called short selling (or shorting).
Short selling isn’t all peaches and cream. There are opportunities for high returns, but as usual, these come with high risks. The big risk here is that there is no limit to your losses. When you buy a stock, you can only lose the amount that you invested. But when you short, your losses are infinite because there is theoretically no end to how high a stock’s price can rise.
Short selling isn’t for everyone. It requires a lot of time and research, and a desire for high risks and high returns. Short selling is primarily used for speculator looking to make a profit when the market goes down or investing looking to hedge their position.
Learn more about about short selling with Wall Street Survivor's Understanding Advanced Techniques course: http://courses.wallstreetsurvivor.com/is/16-understanding-advanced-techniques/?courseComplete=1&courseId=924#!

The mechanics of financial markets w/ Peter Zhang of Sang Lucci

Full show notes: http://chatwithtraders.com/ep-009-peter-zhang/ - - Sliding in on episode 009 is a special guest to pullback the curtains, and shine some light on the often dark and mysterious inner workings of our financial markets.
Folks, meet Peter Zhang.
A Major in Quantitative Finance who was once without a home, dirt poor and had the odds stacked against him. But with a point to prove and the hustlers ambition, he chased down a mentor who would carefully show him the ropes, and gradually transform him into a trader who could make smart decisions, and smart trades.
After spending his last dollar on a plane ticket to Las Vegas to attend a trading conference, he got in the ear of Anand ‘Lucci’ Sanghvi (EP 008), and convinced him that starting a hedge fund would be a wise idea.
Fast...

published: 21 Sep 2015

Trading 101: How Does the Stock Market Work?

Trading 101: How Does the Stock MarketWork?
Thanks to a subscriber on YouTube, I was given the suggestion to dig deep into "how" exactly the stock market works. Who is in the market? Why do people trade? How is money actually made?
FreeGuide - The 5 Tools I Use To Find Stocks To Trade: https://claytrader.com/lp/Free-Guide-Trading-Tools/?utm_source=social&utm_medium=youtube&utm_campaign=resource%20guide
Enjoy this Free Content? I'm confident you'd enjoy my premium training courses then: https://claytrader.com/training/
Hear real life trading journeys from "normal" people: The Stock Trading Reality Podcast - https://claytrader.com/podcast/

published: 09 Sep 2016

How The Stock Exchange Works (For Dummies)

Why are there stocks at all?
Everyday in the news we hear about the stock exchange, stocks and money moving around the globe. Still, a lot of people don't have an idea why we have stock markets at all, because the topic is usually very dry. We made a short video about the basics of the stock exchanges. With robots. Robots are kewl!
Short videos, explaining things. For example Evolution, the Universe, the Stock Market or controversial topics like Fracking. Because we love science.
We would love to interact more with you, our viewers to figure out what topics you want to see. If you have a suggestion for future videos or feedback, drop us a line! :)
We're a bunch of Information designers from munich, visit us on facebook or behance to say hi!
https://www.facebook.com/Kurzgesagt
https:/...

published: 28 Nov 2013

How The Economic Machine Works by Ray Dalio

Economics 101 -- "How the Economic MachineWorks."
Created by Ray Dalio this simple but not simplistic and easy to follow 30 minute, animated video answers the question, "How does the economy really work?" Based on Dalio's practical template for understanding the economy, which he developed over the course of his career, the video breaks down economic concepts like credit, deficits and interest rates, allowing viewers to learn the basic driving forces behind the economy, how economic policies work and why economic cycles occur.
To learn more about Economic Principles visit: http://www.economicprinciples.org.
[Also Available In Chinese] 经济这台机器是怎样运行的: http://www.youtube.com/watch?v=-ZbeYejg9Pk
[Also Available In Russian] Как действует экономическая машина. Автор: Рэй Далио (на русском ...

The New York Stock Exchange (sometimes referred to as "the Big Board") provides a means for buyers and sellers to trade shares of stock in companies registered for public trading. The NYSE is open for trading Monday through Friday from 9:30 am -- 4:00 pm ET, with the exception of holidays declared by the Exchange in advance.
The NYSE trades in a continuous auction format, where traders can execute stock transactions on behalf of investors. They will gather around the appropriate post where a specialist broker, who is employed by an NYSE member firm (that is, he/she is not an employee of the New York Stock Exchange), acts as an auctioneer in an open outcry auction market environment to bring buyers and sellers together and to manage the actual auction. They do on occasion (approximately 10...

published: 16 Apr 2014

What can physics tell us about stock market crashes? Dragan Mihailović at TEDxLjubljana

Can physics help us to better understand stock market crashes?
Dragan Mihailović is the head of Department of ComplexMatter, Group leader and Chief Scientist at Jozef Stefan Institute and Professor at the Department of Mathematics and Physics at University of Ljubljana.
In the spirit of ideas worth spreading, TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are self-organized.* (*Subject to certain rules and regulations)

published: 10 Jan 2014

James Weatherall Public Lecture: The Physics of Wall Street

In his Perimeter InstitutePublic Lecture, James Weatherall tells the story of how, in the aftermath of World War II, some innovative physicists and mathematicians saw surprising connections between physics, gambling, and finance, and put those connections to use to become the first quants. He introduces some of the ideas behind modern quantitative trading and show how the history of mathematical reasoning in finance reveals that these models can be extremely useful — but only if we understand their limitations.

FRM Level 1 - Mechanics of Futures Markets

How hedge funds exploit market mechanics

This video is part of the Udacity course "Machine Learning for Trading". Watch the full course at https://www.udacity.com/course/ud501

published: 06 Jun 2016

Labor Markets and Minimum Wage: Crash Course Economics #28

How much should you get paid for your job? Well, that depends on a lot of factors. Your skill set, the demand for the skills you have, and what other people are getting paid around you all factor in. In a lot of ways, labor markets work on supply and demand, just like many of the markets we talk about in Crash Course Econ. But, again, there aren't a lot of pure, true markets in the world. There are all kinds of oddities and regulations that change the way labor markets work. One common (and kind of controversial one) is the minimum wage. The minimum wage has potential upsides and downsides, and we'll take a look at the various arguments for an against it.
Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse
Thanks to the following Pa...

published: 27 Mar 2016

Futures margin mechanics | Finance & Capital Markets | Khan Academy

Understanding the mechanics of margin for futures. Initial and maintenance margin.Created by Sal Khan.
Watch the next lesson:
https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/forward-futures-contracts/v/verifying-hedge-with-futures-margin-mechanics?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets
Missed the previous lesson? Watch here:
https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/forward-futures-contracts/v/motivation-for-the-futures-exchange?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets
Finance and capital markets on Khan Academy: In many commodities markets, it is very helpful for buyers or sellers to lock-in future prices. This is what both forwards and futures...

published: 22 Mar 2011

Understanding Short Selling | by Wall Street Survivor

What is short selling?
Most people think of investing as buying a stock (or other asset) and making money when its price goes up - but it’s also possible to make a profit when a stock price goes down. This process is called short selling (or shorting).
Short selling isn’t all peaches and cream. There are opportunities for high returns, but as usual, these come with high risks. The big risk here is that there is no limit to your losses. When you buy a stock, you can only lose the amount that you invested. But when you short, your losses are infinite because there is theoretically no end to how high a stock’s price can rise.
Short selling isn’t for everyone. It requires a lot of time and research, and a desire for high risks and high returns. Short selling is primarily used for speculator...

The mechanics of financial markets w/ Peter Zhang of Sang Lucci

Full show notes: http://chatwithtraders.com/ep-009-peter-zhang/ - - Sliding in on episode 009 is a special guest to pullback the curtains, and shine some light...

Full show notes: http://chatwithtraders.com/ep-009-peter-zhang/ - - Sliding in on episode 009 is a special guest to pullback the curtains, and shine some light on the often dark and mysterious inner workings of our financial markets.
Folks, meet Peter Zhang.
A Major in Quantitative Finance who was once without a home, dirt poor and had the odds stacked against him. But with a point to prove and the hustlers ambition, he chased down a mentor who would carefully show him the ropes, and gradually transform him into a trader who could make smart decisions, and smart trades.
After spending his last dollar on a plane ticket to Las Vegas to attend a trading conference, he got in the ear of Anand ‘Lucci’ Sanghvi (EP 008), and convinced him that starting a hedge fund would be a wise idea.
Fast forward a few years, Peter now leads the hedge fund operations at Sang Lucci CapitalPartners, including a completely automated high frequency trading fund. And has a mind-blowing understanding of market structure, as you are about to witness.

Full show notes: http://chatwithtraders.com/ep-009-peter-zhang/ - - Sliding in on episode 009 is a special guest to pullback the curtains, and shine some light on the often dark and mysterious inner workings of our financial markets.
Folks, meet Peter Zhang.
A Major in Quantitative Finance who was once without a home, dirt poor and had the odds stacked against him. But with a point to prove and the hustlers ambition, he chased down a mentor who would carefully show him the ropes, and gradually transform him into a trader who could make smart decisions, and smart trades.
After spending his last dollar on a plane ticket to Las Vegas to attend a trading conference, he got in the ear of Anand ‘Lucci’ Sanghvi (EP 008), and convinced him that starting a hedge fund would be a wise idea.
Fast forward a few years, Peter now leads the hedge fund operations at Sang Lucci CapitalPartners, including a completely automated high frequency trading fund. And has a mind-blowing understanding of market structure, as you are about to witness.

Trading 101: How Does the Stock MarketWork?
Thanks to a subscriber on YouTube, I was given the suggestion to dig deep into "how" exactly the stock market works. Who is in the market? Why do people trade? How is money actually made?
FreeGuide - The 5 Tools I Use To Find Stocks To Trade: https://claytrader.com/lp/Free-Guide-Trading-Tools/?utm_source=social&utm_medium=youtube&utm_campaign=resource%20guide
Enjoy this Free Content? I'm confident you'd enjoy my premium training courses then: https://claytrader.com/training/
Hear real life trading journeys from "normal" people: The Stock Trading Reality Podcast - https://claytrader.com/podcast/

Trading 101: How Does the Stock MarketWork?
Thanks to a subscriber on YouTube, I was given the suggestion to dig deep into "how" exactly the stock market works. Who is in the market? Why do people trade? How is money actually made?
FreeGuide - The 5 Tools I Use To Find Stocks To Trade: https://claytrader.com/lp/Free-Guide-Trading-Tools/?utm_source=social&utm_medium=youtube&utm_campaign=resource%20guide
Enjoy this Free Content? I'm confident you'd enjoy my premium training courses then: https://claytrader.com/training/
Hear real life trading journeys from "normal" people: The Stock Trading Reality Podcast - https://claytrader.com/podcast/

How The Stock Exchange Works (For Dummies)

Why are there stocks at all?
Everyday in the news we hear about the stock exchange, stocks and money moving around the globe. Still, a lot of people don't have...

Why are there stocks at all?
Everyday in the news we hear about the stock exchange, stocks and money moving around the globe. Still, a lot of people don't have an idea why we have stock markets at all, because the topic is usually very dry. We made a short video about the basics of the stock exchanges. With robots. Robots are kewl!
Short videos, explaining things. For example Evolution, the Universe, the Stock Market or controversial topics like Fracking. Because we love science.
We would love to interact more with you, our viewers to figure out what topics you want to see. If you have a suggestion for future videos or feedback, drop us a line! :)
We're a bunch of Information designers from munich, visit us on facebook or behance to say hi!
https://www.facebook.com/Kurzgesagt
https://www.behance.net/kurzgesagt
How the Stock Exchange works
Help us caption & translate this video!
http://www.youtube.com/timedtext_cs_panel?c=UCsXVk37bltHxD1rDPwtNM8Q&tab=2

Why are there stocks at all?
Everyday in the news we hear about the stock exchange, stocks and money moving around the globe. Still, a lot of people don't have an idea why we have stock markets at all, because the topic is usually very dry. We made a short video about the basics of the stock exchanges. With robots. Robots are kewl!
Short videos, explaining things. For example Evolution, the Universe, the Stock Market or controversial topics like Fracking. Because we love science.
We would love to interact more with you, our viewers to figure out what topics you want to see. If you have a suggestion for future videos or feedback, drop us a line! :)
We're a bunch of Information designers from munich, visit us on facebook or behance to say hi!
https://www.facebook.com/Kurzgesagt
https://www.behance.net/kurzgesagt
How the Stock Exchange works
Help us caption & translate this video!
http://www.youtube.com/timedtext_cs_panel?c=UCsXVk37bltHxD1rDPwtNM8Q&tab=2

How The Economic Machine Works by Ray Dalio

Economics 101 -- "How the Economic MachineWorks."
Created by Ray Dalio this simple but not simplistic and easy to follow 30 minute, animated video answers the...

Economics 101 -- "How the Economic MachineWorks."
Created by Ray Dalio this simple but not simplistic and easy to follow 30 minute, animated video answers the question, "How does the economy really work?" Based on Dalio's practical template for understanding the economy, which he developed over the course of his career, the video breaks down economic concepts like credit, deficits and interest rates, allowing viewers to learn the basic driving forces behind the economy, how economic policies work and why economic cycles occur.
To learn more about Economic Principles visit: http://www.economicprinciples.org.
[Also Available In Chinese] 经济这台机器是怎样运行的: http://www.youtube.com/watch?v=-ZbeYejg9Pk
[Also Available In Russian] Как действует экономическая машина. Автор: Рэй Далио (на русском языке): http://youtu.be/8BaNOlIfMLE

Economics 101 -- "How the Economic MachineWorks."
Created by Ray Dalio this simple but not simplistic and easy to follow 30 minute, animated video answers the question, "How does the economy really work?" Based on Dalio's practical template for understanding the economy, which he developed over the course of his career, the video breaks down economic concepts like credit, deficits and interest rates, allowing viewers to learn the basic driving forces behind the economy, how economic policies work and why economic cycles occur.
To learn more about Economic Principles visit: http://www.economicprinciples.org.
[Also Available In Chinese] 经济这台机器是怎样运行的: http://www.youtube.com/watch?v=-ZbeYejg9Pk
[Also Available In Russian] Как действует экономическая машина. Автор: Рэй Далио (на русском языке): http://youtu.be/8BaNOlIfMLE

The New York Stock Exchange (sometimes referred to as "the Big Board") provides a means for buyers and sellers to trade shares of stock in companies registered for public trading. The NYSE is open for trading Monday through Friday from 9:30 am -- 4:00 pm ET, with the exception of holidays declared by the Exchange in advance.
The NYSE trades in a continuous auction format, where traders can execute stock transactions on behalf of investors. They will gather around the appropriate post where a specialist broker, who is employed by an NYSE member firm (that is, he/she is not an employee of the New York Stock Exchange), acts as an auctioneer in an open outcry auction market environment to bring buyers and sellers together and to manage the actual auction. They do on occasion (approximately 10% of the time) facilitate the trades by committing their own capital and as a matter of course disseminate information to the crowd that helps to bring buyers and sellers together. The auction process moved toward automation in 1995 through the use of wireless hand held computers (HHC). The system enabled traders to receive and execute orders electronically via wireless transmission. On September 25, 1995, NYSE member Michael Einersen, who designed and developed this system, executed 1000 shares of IBM through this HHC ending a 203 year process of paper transactions and ushering in an era of automated trading.
As ofJanuary 24, 2007, all NYSE stocks can be traded via its electronic hybrid market (except for a small group of very high-priced stocks). Customers can now send orders for immediate electronic execution, or route orders to the floor for trade in the auction market. In the first three months of 2007, in excess of 82% of all order volume was delivered to the floor electronically.[23] NYSE works with US regulators like the SEC and CFTC to coordinate risk management measures in the electronic trading environment through the implementation of mechanisms like circuit breakers and liquidity replenishment points.[24]
Until 2005, the right to directly trade shares on the exchange was conferred upon owners of the 1366 "seats". The term comes from the fact that up until the 1870s NYSE members sat in chairs to trade. In 1868, the number of seats was fixed at 533, and this number was increased several times over the years. In 1953, the number of seats was set at 1,366. These seats were a sought-after commodity as they conferred the ability to directly trade stock on the NYSE, and seat holders were commonly referred to as members of the NYSE. The Barnes family is the only known lineage to have five generations of NYSE members: Winthrop H. Barnes (admitted 1894), RichardW.P. Barnes (admitted 1926), Richard S. Barnes (admitted 1951), Robert H. Barnes (admitted 1972), Derek J. Barnes (admitted 2003). Seat prices varied widely over the years, generally falling during recessions and rising during economic expansions. The most expensive inflation-adjusted seat was sold in 1929 for $625,000, which, today, would be over six million dollars. In recent times, seats have sold for as high as $4 million in the late 1990s and as low as $1 million in 2001. In 2005, seat prices shot up to $3.25 million as the exchange entered into an agreement to merge with Archipelago and become a for-profit, publicly traded company. Seat owners received $500,000 in cash per seat and 77,000 shares of the newly formed corporation. The NYSE now sells one-year licenses to trade directly on the exchange. Licences for floor trading are available for $40,000 and a licence for bond trading is available for as little as $1,000 as of 2010.[25] Neither are resell-able, but may be transferable in during the change of ownership of a cooperation holding a trading licence.
On February 15, 2011 NYSE and Deutsche Börse announced their merger to form a new company, as yet unnamed, wherein Deutsche Börse shareholders will have 60% ownership of the new entity, and NYSE Euronext shareholders will have 40%.
On February 1, 2012, the European Commission blocked the merger of NYSE with Deutsche Börse, after commissioner Joaquin Almunia stated that the merger "would have led to a near-monopoly in European financial derivatives worldwide".[38] Instead, Deutsche Börse and NYSE will have to sell either their Eurex derivatives or LIFFE shares in order to not create a monopoly. On February 2, 2012, NYSE Euronext and Deutsche Börse agreed to scrap the merger.[39]
In April 2011, IntercontinentalExchange (ICE), an American futures exchange, and NASDAQ OMX Group had together made an unsolicited proposal to buy NYSE Euronext for approximately US$11 billion, a deal in which NASDAQ would have taken control of the stock exchanges.[40] NYSE Euronext rejected this offer two times, but it was finally terminated after the United States Department of Justice indicated their intention to block the deal due to antitrust concerns.
http://en.wikipedia.org/wiki/New_York_Stock_Exchange

The New York Stock Exchange (sometimes referred to as "the Big Board") provides a means for buyers and sellers to trade shares of stock in companies registered for public trading. The NYSE is open for trading Monday through Friday from 9:30 am -- 4:00 pm ET, with the exception of holidays declared by the Exchange in advance.
The NYSE trades in a continuous auction format, where traders can execute stock transactions on behalf of investors. They will gather around the appropriate post where a specialist broker, who is employed by an NYSE member firm (that is, he/she is not an employee of the New York Stock Exchange), acts as an auctioneer in an open outcry auction market environment to bring buyers and sellers together and to manage the actual auction. They do on occasion (approximately 10% of the time) facilitate the trades by committing their own capital and as a matter of course disseminate information to the crowd that helps to bring buyers and sellers together. The auction process moved toward automation in 1995 through the use of wireless hand held computers (HHC). The system enabled traders to receive and execute orders electronically via wireless transmission. On September 25, 1995, NYSE member Michael Einersen, who designed and developed this system, executed 1000 shares of IBM through this HHC ending a 203 year process of paper transactions and ushering in an era of automated trading.
As ofJanuary 24, 2007, all NYSE stocks can be traded via its electronic hybrid market (except for a small group of very high-priced stocks). Customers can now send orders for immediate electronic execution, or route orders to the floor for trade in the auction market. In the first three months of 2007, in excess of 82% of all order volume was delivered to the floor electronically.[23] NYSE works with US regulators like the SEC and CFTC to coordinate risk management measures in the electronic trading environment through the implementation of mechanisms like circuit breakers and liquidity replenishment points.[24]
Until 2005, the right to directly trade shares on the exchange was conferred upon owners of the 1366 "seats". The term comes from the fact that up until the 1870s NYSE members sat in chairs to trade. In 1868, the number of seats was fixed at 533, and this number was increased several times over the years. In 1953, the number of seats was set at 1,366. These seats were a sought-after commodity as they conferred the ability to directly trade stock on the NYSE, and seat holders were commonly referred to as members of the NYSE. The Barnes family is the only known lineage to have five generations of NYSE members: Winthrop H. Barnes (admitted 1894), RichardW.P. Barnes (admitted 1926), Richard S. Barnes (admitted 1951), Robert H. Barnes (admitted 1972), Derek J. Barnes (admitted 2003). Seat prices varied widely over the years, generally falling during recessions and rising during economic expansions. The most expensive inflation-adjusted seat was sold in 1929 for $625,000, which, today, would be over six million dollars. In recent times, seats have sold for as high as $4 million in the late 1990s and as low as $1 million in 2001. In 2005, seat prices shot up to $3.25 million as the exchange entered into an agreement to merge with Archipelago and become a for-profit, publicly traded company. Seat owners received $500,000 in cash per seat and 77,000 shares of the newly formed corporation. The NYSE now sells one-year licenses to trade directly on the exchange. Licences for floor trading are available for $40,000 and a licence for bond trading is available for as little as $1,000 as of 2010.[25] Neither are resell-able, but may be transferable in during the change of ownership of a cooperation holding a trading licence.
On February 15, 2011 NYSE and Deutsche Börse announced their merger to form a new company, as yet unnamed, wherein Deutsche Börse shareholders will have 60% ownership of the new entity, and NYSE Euronext shareholders will have 40%.
On February 1, 2012, the European Commission blocked the merger of NYSE with Deutsche Börse, after commissioner Joaquin Almunia stated that the merger "would have led to a near-monopoly in European financial derivatives worldwide".[38] Instead, Deutsche Börse and NYSE will have to sell either their Eurex derivatives or LIFFE shares in order to not create a monopoly. On February 2, 2012, NYSE Euronext and Deutsche Börse agreed to scrap the merger.[39]
In April 2011, IntercontinentalExchange (ICE), an American futures exchange, and NASDAQ OMX Group had together made an unsolicited proposal to buy NYSE Euronext for approximately US$11 billion, a deal in which NASDAQ would have taken control of the stock exchanges.[40] NYSE Euronext rejected this offer two times, but it was finally terminated after the United States Department of Justice indicated their intention to block the deal due to antitrust concerns.
http://en.wikipedia.org/wiki/New_York_Stock_Exchange

published:16 Apr 2014

views:502835

back

What can physics tell us about stock market crashes? Dragan Mihailović at TEDxLjubljana

Can physics help us to better understand stock market crashes?
Dragan Mihailović is the head of Department of ComplexMatter, Group leader and Chief Scientist at Jozef Stefan Institute and Professor at the Department of Mathematics and Physics at University of Ljubljana.
In the spirit of ideas worth spreading, TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are self-organized.* (*Subject to certain rules and regulations)

Can physics help us to better understand stock market crashes?
Dragan Mihailović is the head of Department of ComplexMatter, Group leader and Chief Scientist at Jozef Stefan Institute and Professor at the Department of Mathematics and Physics at University of Ljubljana.
In the spirit of ideas worth spreading, TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are self-organized.* (*Subject to certain rules and regulations)

In his Perimeter InstitutePublic Lecture, James Weatherall tells the story of how, in the aftermath of World War II, some innovative physicists and mathematicians saw surprising connections between physics, gambling, and finance, and put those connections to use to become the first quants. He introduces some of the ideas behind modern quantitative trading and show how the history of mathematical reasoning in finance reveals that these models can be extremely useful — but only if we understand their limitations.

In his Perimeter InstitutePublic Lecture, James Weatherall tells the story of how, in the aftermath of World War II, some innovative physicists and mathematicians saw surprising connections between physics, gambling, and finance, and put those connections to use to become the first quants. He introduces some of the ideas behind modern quantitative trading and show how the history of mathematical reasoning in finance reveals that these models can be extremely useful — but only if we understand their limitations.

Labor Markets and Minimum Wage: Crash Course Economics #28

How much should you get paid for your job? Well, that depends on a lot of factors. Your skill set, the demand for the skills you have, and what other people are...

How much should you get paid for your job? Well, that depends on a lot of factors. Your skill set, the demand for the skills you have, and what other people are getting paid around you all factor in. In a lot of ways, labor markets work on supply and demand, just like many of the markets we talk about in Crash Course Econ. But, again, there aren't a lot of pure, true markets in the world. There are all kinds of oddities and regulations that change the way labor markets work. One common (and kind of controversial one) is the minimum wage. The minimum wage has potential upsides and downsides, and we'll take a look at the various arguments for an against it.
Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse
Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever:
Mark, EricKitchen, Jessica Wode, Jeffrey Thompson, Steve Marshall, MoritzSchmidt, Robert Kunz, Tim Curwick, Jason A Saslow, SR Foxley, ElliotBeter, Jacob Ash, Christian, Jan Schmid, Jirat, Christy Huddleston, Daniel Baulig, Chris Peters, Anna-Ester Volozh, Ian Dundore, CalebWeeks
--
Want to find Crash Course elsewhere on the internet?
Facebook - http://www.facebook.com/YouTubeCrashCourse
Twitter - http://www.twitter.com/TheCrashCourse
Tumblr - http://thecrashcourse.tumblr.com
Support Crash Course on Patreon: http://patreon.com/crashcourse
CC Kids: http://www.youtube.com/crashcoursekids

How much should you get paid for your job? Well, that depends on a lot of factors. Your skill set, the demand for the skills you have, and what other people are getting paid around you all factor in. In a lot of ways, labor markets work on supply and demand, just like many of the markets we talk about in Crash Course Econ. But, again, there aren't a lot of pure, true markets in the world. There are all kinds of oddities and regulations that change the way labor markets work. One common (and kind of controversial one) is the minimum wage. The minimum wage has potential upsides and downsides, and we'll take a look at the various arguments for an against it.
Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse
Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever:
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Understanding the mechanics of margin for futures. Initial and maintenance margin.Created by Sal Khan.
Watch the next lesson:
https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/forward-futures-contracts/v/verifying-hedge-with-futures-margin-mechanics?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets
Missed the previous lesson? Watch here:
https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/forward-futures-contracts/v/motivation-for-the-futures-exchange?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets
Finance and capital markets on Khan Academy: In many commodities markets, it is very helpful for buyers or sellers to lock-in future prices. This is what both forwards and futures allow for. This tutorial explains how they work and what the difference is between the two.
About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content.
For free. For everyone. Forever. #YouCanLearnAnything
Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1
Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy

Understanding the mechanics of margin for futures. Initial and maintenance margin.Created by Sal Khan.
Watch the next lesson:
https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/forward-futures-contracts/v/verifying-hedge-with-futures-margin-mechanics?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets
Missed the previous lesson? Watch here:
https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/forward-futures-contracts/v/motivation-for-the-futures-exchange?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets
Finance and capital markets on Khan Academy: In many commodities markets, it is very helpful for buyers or sellers to lock-in future prices. This is what both forwards and futures allow for. This tutorial explains how they work and what the difference is between the two.
About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content.
For free. For everyone. Forever. #YouCanLearnAnything
Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1
Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy

Understanding Short Selling | by Wall Street Survivor

What is short selling?
Most people think of investing as buying a stock (or other asset) and making money when its price goes up - but it’s also possible to ma...

What is short selling?
Most people think of investing as buying a stock (or other asset) and making money when its price goes up - but it’s also possible to make a profit when a stock price goes down. This process is called short selling (or shorting).
Short selling isn’t all peaches and cream. There are opportunities for high returns, but as usual, these come with high risks. The big risk here is that there is no limit to your losses. When you buy a stock, you can only lose the amount that you invested. But when you short, your losses are infinite because there is theoretically no end to how high a stock’s price can rise.
Short selling isn’t for everyone. It requires a lot of time and research, and a desire for high risks and high returns. Short selling is primarily used for speculator looking to make a profit when the market goes down or investing looking to hedge their position.
Learn more about about short selling with Wall Street Survivor's Understanding Advanced Techniques course: http://courses.wallstreetsurvivor.com/is/16-understanding-advanced-techniques/?courseComplete=1&courseId=924#!

What is short selling?
Most people think of investing as buying a stock (or other asset) and making money when its price goes up - but it’s also possible to make a profit when a stock price goes down. This process is called short selling (or shorting).
Short selling isn’t all peaches and cream. There are opportunities for high returns, but as usual, these come with high risks. The big risk here is that there is no limit to your losses. When you buy a stock, you can only lose the amount that you invested. But when you short, your losses are infinite because there is theoretically no end to how high a stock’s price can rise.
Short selling isn’t for everyone. It requires a lot of time and research, and a desire for high risks and high returns. Short selling is primarily used for speculator looking to make a profit when the market goes down or investing looking to hedge their position.
Learn more about about short selling with Wall Street Survivor's Understanding Advanced Techniques course: http://courses.wallstreetsurvivor.com/is/16-understanding-advanced-techniques/?courseComplete=1&courseId=924#!

The mechanics of financial markets w/ Peter Zhang of Sang Lucci

Full show notes: http://chatwithtraders.com/ep-009-peter-zhang/ - - Sliding in on episode 009 is a special guest to pullback the curtains, and shine some light on the often dark and mysterious inner workings of our financial markets.
Folks, meet Peter Zhang.
A Major in Quantitative Finance who was once without a home, dirt poor and had the odds stacked against him. But with a point to prove and the hustlers ambition, he chased down a mentor who would carefully show him the ropes, and gradually transform him into a trader who could make smart decisions, and smart trades.
After spending his last dollar on a plane ticket to Las Vegas to attend a trading conference, he got in the ear of Anand ‘Lucci’ Sanghvi (EP 008), and convinced him that starting a hedge fund would be a wise idea.
Fast...

Webinar: FRM I - Financial Market and Products

Some markets allow dark liquidity to be posted inside the existing limit order book alongside public liquidity, usually through the use of iceberg orders. More on dark pools: https://www.amazon.com/gp/search?ie=UTF8&tag=tra0c7-20&linkCode=ur2&linkId=f90378849d15aadf8ed8f0403284942f&camp=1789&creative=9325&index=books&keywords=dark%20pools
Iceberg orders generally specify an additional "display quantity"—i.e., smaller than the overall order quantity. The order is queued along with other orders but only the display quantity is printed to the market depth. When the order reaches the front of its price queue, only the display quantity is filled before the order is automatically put at the back of the queue and must wait for its next chance to get a fill. Such orders will, therefore, get fille...

published: 25 Mar 2014

What are futures? - MoneyWeek Investment Tutorials

What are futures? Tim Bennett explains the key features and basic principles of futures, which, alongside swaps, options and covered warrants, make up the derivatives market.
Related links…
- What are derivatives? https://www.youtube.com/watch?v=Wjlw7ZpZVK4
- What are options and covered warrants? https://www.youtube.com/watch?v=3196NpHDyec
- What are futures? https://www.youtube.com/watch?v=nwR5b6E0Xo4
- What is a swap? https://www.youtube.com/watch?v=uVq384nqWqg
- Why you should avoid structured products https://www.youtube.com/watch?v=Umx5ShOz2oU
MoneyWeek videos are designed to help you become a better investor, and to give you a better understanding of the markets. They’re aimed at both beginners and more experienced investors.
In all our videos we explain things in an easy-to-un...

published: 30 Sep 2011

How The Economic Machine Works by Ray Dalio

Economics 101 -- "How the Economic MachineWorks."
Created by Ray Dalio this simple but not simplistic and easy to follow 30 minute, animated video answers the question, "How does the economy really work?" Based on Dalio's practical template for understanding the economy, which he developed over the course of his career, the video breaks down economic concepts like credit, deficits and interest rates, allowing viewers to learn the basic driving forces behind the economy, how economic policies work and why economic cycles occur.
To learn more about Economic Principles visit: http://www.economicprinciples.org.
[Also Available In Chinese] 经济这台机器是怎样运行的: http://www.youtube.com/watch?v=-ZbeYejg9Pk
[Also Available In Russian] Как действует экономическая машина. Автор: Рэй Далио (на русском ...

published: 22 Sep 2013

James Weatherall Public Lecture: The Physics of Wall Street

In his Perimeter InstitutePublic Lecture, James Weatherall tells the story of how, in the aftermath of World War II, some innovative physicists and mathematicians saw surprising connections between physics, gambling, and finance, and put those connections to use to become the first quants. He introduces some of the ideas behind modern quantitative trading and show how the history of mathematical reasoning in finance reveals that these models can be extremely useful — but only if we understand their limitations.

published: 02 Feb 2017

How to Kick A$$ in Any Financial Market and What Brokers and Market Makers Don't Want You to know

We at 4X-DAT™ understand that some of these concepts are controversial and we both understand and expect skepticism too. Therefore, we welcome skeptics and enthusiasts alike to view the success of these strategies that is evident in the live trading accounts available for review at www.4x-dat.com. You can actually register to view the software trading these strategies live in real time! If your trading results are demonstrably better, we'd encourage you to present them along with your critique. We would also like to note that the software allows traders to employ millions of variations in strategies so feel free to use it to automate your own strategies.

Exploiting anomalies in financial markets · Dr. William Ziemba

EP 137: The horse bettor exploiting anomalies in financial markets – Dr. William Ziemba
Dr. William Ziemba’s an academic, a practitioner, gambler, trader and an author. He’s worked with and consulted to many well-respected names in the field, such as; Edward Thorp, Blair Hull and the very successful horse bettor, Bill Benter.
In the beginning, horse betting was William’s field of expertise (he even published a book titled, Beat The Racetrack!) And in many ways, for William, horse betting worked as a gateway to trading financial markets—which he’s been doing since 1983.
Now in current times, William manages a fund; Alpha Z Advisors—which started trading in July 2013 and as of May 2017, has returned 527%. Much of William’s trading revolves around calendar anomalies, arbitrage strategies a...

published: 14 Aug 2017

International Financial Market topic 6

17. Options Markets

Financial Markets (2011) (ECON 252)
After introducing the core terms and main ideas of options in the beginning of the lecture, ProfessorShiller emphasizes two purposes of options, a theoretical and a behavioral purpose. Subsequently, he provides a graphical representation for the value of a call and a put option, and, in this context, addresses the put-call parity for European options. Within the framework of the Binomial Asset Pricing model, he derives the value of a call-option from the no-arbitrage-principle, and, as a continuous-time analogue to this formula, he presents the Black-Scholes OptionPricing formula. He contrasts implied volatility, as represented by the VIX index of the Chicago Board Options Exchange, which uses a different formula in the spirit of Black-Scholes, with t...

published: 05 Apr 2012

17. Investment Banking and Secondary Markets

Financial Markets (ECON 252)
First, ProfessorShiller discusses today's changing financial system and recent market stabilization reform introduced by U.S. TreasurySecretaryHenry Paulson. The financial system is inherently unstable and would benefit from more surveillance, particularly for consumer protection issues, given the recent subprime mortgage crisis. Although this particular reform might not be successful, more regulators and policymakers are talking about changing the stabilization system and will likely alter the role of the Fed in the future.
Second, Professor Shiller introduces the mechanics and role of investment banking. Investment banks underwrite securities and arrange for the issue of stocks and bonds by corporations. Corporations work with investment banks to nav...

In financial markets, high-frequency trading (HFT) is a type of algorithmic trading characterized by high speeds, high turnover rates, and high order-to-trade ratios that leverages high-frequency financial data and electronic trading tools. While there is no single definition of HFT, among its key attributes are highly sophisticated algorithms, co-location, and very short-term investment horizons. HFT can be viewed as a primary form of algorithmic trading in finance. Specifically, it is the use of sophisticated technological tools and computer algorithms to rapidly trade securities. HFT uses proprietary trading strategies carried out by computers to move in and out of positions in seconds or fractions of a second. Aldridge and Krawciw, 2017 estimate that in 2016 HFT on average initiated 10...

The mechanics of financial markets w/ Peter Zhang of Sang Lucci

Full show notes: http://chatwithtraders.com/ep-009-peter-zhang/ - - Sliding in on episode 009 is a special guest to pullback the curtains, and shine some light...

Full show notes: http://chatwithtraders.com/ep-009-peter-zhang/ - - Sliding in on episode 009 is a special guest to pullback the curtains, and shine some light on the often dark and mysterious inner workings of our financial markets.
Folks, meet Peter Zhang.
A Major in Quantitative Finance who was once without a home, dirt poor and had the odds stacked against him. But with a point to prove and the hustlers ambition, he chased down a mentor who would carefully show him the ropes, and gradually transform him into a trader who could make smart decisions, and smart trades.
After spending his last dollar on a plane ticket to Las Vegas to attend a trading conference, he got in the ear of Anand ‘Lucci’ Sanghvi (EP 008), and convinced him that starting a hedge fund would be a wise idea.
Fast forward a few years, Peter now leads the hedge fund operations at Sang Lucci CapitalPartners, including a completely automated high frequency trading fund. And has a mind-blowing understanding of market structure, as you are about to witness.

Full show notes: http://chatwithtraders.com/ep-009-peter-zhang/ - - Sliding in on episode 009 is a special guest to pullback the curtains, and shine some light on the often dark and mysterious inner workings of our financial markets.
Folks, meet Peter Zhang.
A Major in Quantitative Finance who was once without a home, dirt poor and had the odds stacked against him. But with a point to prove and the hustlers ambition, he chased down a mentor who would carefully show him the ropes, and gradually transform him into a trader who could make smart decisions, and smart trades.
After spending his last dollar on a plane ticket to Las Vegas to attend a trading conference, he got in the ear of Anand ‘Lucci’ Sanghvi (EP 008), and convinced him that starting a hedge fund would be a wise idea.
Fast forward a few years, Peter now leads the hedge fund operations at Sang Lucci CapitalPartners, including a completely automated high frequency trading fund. And has a mind-blowing understanding of market structure, as you are about to witness.

Some markets allow dark liquidity to be posted inside the existing limit order book alongside public liquidity, usually through the use of iceberg orders. More ...

Some markets allow dark liquidity to be posted inside the existing limit order book alongside public liquidity, usually through the use of iceberg orders. More on dark pools: https://www.amazon.com/gp/search?ie=UTF8&tag=tra0c7-20&linkCode=ur2&linkId=f90378849d15aadf8ed8f0403284942f&camp=1789&creative=9325&index=books&keywords=dark%20pools
Iceberg orders generally specify an additional "display quantity"—i.e., smaller than the overall order quantity. The order is queued along with other orders but only the display quantity is printed to the market depth. When the order reaches the front of its price queue, only the display quantity is filled before the order is automatically put at the back of the queue and must wait for its next chance to get a fill. Such orders will, therefore, get filled less quickly than the fully public equivalent, and they often carry an explicit cost penalty in the form of a larger execution cost charged by the market. Iceberg orders are not truly dark either, as the trade is usually visible after the fact in the market's public trade feed.
Truly dark liquidity can be collected off-market in dark pools. Dark pools are generally very similar to standard markets with similar order types, pricing rules and prioritization rules. However, the liquidity is deliberately not advertised—there is no market depth feed. Such markets have no need of an iceberg-order type. In addition, they prefer not to print the trades to any public data feed, or if legally required to do so, will do so with as large a delay as legally possible—all to reduce the market impact of any trade. Dark pools are often formed from brokers' order books and other off-market liquidity. When comparing pools, careful checks should be made as to how liquidity numbers were calculated—some venues count both sides of the trade, or even count liquidity that was posted but not filled.
Dark liquidity pools offer institutional investors many of the efficiencies associated with trading on the exchanges' public limit order books but without showing their actions to others. Dark liquidity pools avoid this risk because neither the price nor the identity of the trading company is displayed.[7]
Dark pools are recorded to the national consolidated tape. However, they are recorded as over-the-counter transactions. Therefore, detailed information about the volumes and types of transactions is left to the crossing network to report to clients if they desire and are contractually obligated.[8]
Dark pools allow funds to line up and move large blocks of equities without tipping their hands as to what they are up to. Modern trading platforms and the lack of human interaction have reduced the time scale on market movements. This increased responsiveness of the price of an equity to market pressures has made it more difficult to move large blocks of stock without affecting the price.[9]
Dark pools are run by private brokerages which operate under fewer regulatory and public disclosure requirements than public exchanges.[10] Tabb Group estimates trading on the dark pools accounts for 32% of trades in 2012 vs 26% in 2008.
For an asset that can be only publicly traded, the standard price discovery process is generally assumed to ensure that at any given time the price is approximately "correct" or "fair". However, very few assets are in this category since most can be traded off market without printing the trade to a publicly accessible data source. As the proportion of the daily volume of the asset that is traded in such a hidden manner increases, the public price might still be considered fair. However, if public trading continues to decrease as hidden trading increases, it can be seen that the public price does not take into account all information about the asset (in particular, it does not take into account what was traded but hidden) and thus the public price may no longer be "fair".
Yet when trades executed in dark pools are incorporated into a post-trade transparency regime, investors have access to them as a part of a consolidated tape. This can aid price discovery because institutional investors who are reluctant to tip their hands in lit market still have to trade and thus a dark pool with post-trade transparency improves price discovery by increasing the amount of trading taking place.
http://en.wikipedia.org/wiki/Dark_pool

Some markets allow dark liquidity to be posted inside the existing limit order book alongside public liquidity, usually through the use of iceberg orders. More on dark pools: https://www.amazon.com/gp/search?ie=UTF8&tag=tra0c7-20&linkCode=ur2&linkId=f90378849d15aadf8ed8f0403284942f&camp=1789&creative=9325&index=books&keywords=dark%20pools
Iceberg orders generally specify an additional "display quantity"—i.e., smaller than the overall order quantity. The order is queued along with other orders but only the display quantity is printed to the market depth. When the order reaches the front of its price queue, only the display quantity is filled before the order is automatically put at the back of the queue and must wait for its next chance to get a fill. Such orders will, therefore, get filled less quickly than the fully public equivalent, and they often carry an explicit cost penalty in the form of a larger execution cost charged by the market. Iceberg orders are not truly dark either, as the trade is usually visible after the fact in the market's public trade feed.
Truly dark liquidity can be collected off-market in dark pools. Dark pools are generally very similar to standard markets with similar order types, pricing rules and prioritization rules. However, the liquidity is deliberately not advertised—there is no market depth feed. Such markets have no need of an iceberg-order type. In addition, they prefer not to print the trades to any public data feed, or if legally required to do so, will do so with as large a delay as legally possible—all to reduce the market impact of any trade. Dark pools are often formed from brokers' order books and other off-market liquidity. When comparing pools, careful checks should be made as to how liquidity numbers were calculated—some venues count both sides of the trade, or even count liquidity that was posted but not filled.
Dark liquidity pools offer institutional investors many of the efficiencies associated with trading on the exchanges' public limit order books but without showing their actions to others. Dark liquidity pools avoid this risk because neither the price nor the identity of the trading company is displayed.[7]
Dark pools are recorded to the national consolidated tape. However, they are recorded as over-the-counter transactions. Therefore, detailed information about the volumes and types of transactions is left to the crossing network to report to clients if they desire and are contractually obligated.[8]
Dark pools allow funds to line up and move large blocks of equities without tipping their hands as to what they are up to. Modern trading platforms and the lack of human interaction have reduced the time scale on market movements. This increased responsiveness of the price of an equity to market pressures has made it more difficult to move large blocks of stock without affecting the price.[9]
Dark pools are run by private brokerages which operate under fewer regulatory and public disclosure requirements than public exchanges.[10] Tabb Group estimates trading on the dark pools accounts for 32% of trades in 2012 vs 26% in 2008.
For an asset that can be only publicly traded, the standard price discovery process is generally assumed to ensure that at any given time the price is approximately "correct" or "fair". However, very few assets are in this category since most can be traded off market without printing the trade to a publicly accessible data source. As the proportion of the daily volume of the asset that is traded in such a hidden manner increases, the public price might still be considered fair. However, if public trading continues to decrease as hidden trading increases, it can be seen that the public price does not take into account all information about the asset (in particular, it does not take into account what was traded but hidden) and thus the public price may no longer be "fair".
Yet when trades executed in dark pools are incorporated into a post-trade transparency regime, investors have access to them as a part of a consolidated tape. This can aid price discovery because institutional investors who are reluctant to tip their hands in lit market still have to trade and thus a dark pool with post-trade transparency improves price discovery by increasing the amount of trading taking place.
http://en.wikipedia.org/wiki/Dark_pool

What are futures? - MoneyWeek Investment Tutorials

What are futures? Tim Bennett explains the key features and basic principles of futures, which, alongside swaps, options and covered warrants, make up the deriv...

What are futures? Tim Bennett explains the key features and basic principles of futures, which, alongside swaps, options and covered warrants, make up the derivatives market.
Related links…
- What are derivatives? https://www.youtube.com/watch?v=Wjlw7ZpZVK4
- What are options and covered warrants? https://www.youtube.com/watch?v=3196NpHDyec
- What are futures? https://www.youtube.com/watch?v=nwR5b6E0Xo4
- What is a swap? https://www.youtube.com/watch?v=uVq384nqWqg
- Why you should avoid structured products https://www.youtube.com/watch?v=Umx5ShOz2oU
MoneyWeek videos are designed to help you become a better investor, and to give you a better understanding of the markets. They’re aimed at both beginners and more experienced investors.
In all our videos we explain things in an easy-to-understand way. Some videos are about important ideas and concepts. Others are about investment stories and themes in the news. The emphasis is on clarity and brevity. We don’t want to waste your time with a 20-minute video that could easily be so much shorter.
We’ve already made over 200 financial videos and we add more each week. You can see the full archive here at MoneyWeek videos.

What are futures? Tim Bennett explains the key features and basic principles of futures, which, alongside swaps, options and covered warrants, make up the derivatives market.
Related links…
- What are derivatives? https://www.youtube.com/watch?v=Wjlw7ZpZVK4
- What are options and covered warrants? https://www.youtube.com/watch?v=3196NpHDyec
- What are futures? https://www.youtube.com/watch?v=nwR5b6E0Xo4
- What is a swap? https://www.youtube.com/watch?v=uVq384nqWqg
- Why you should avoid structured products https://www.youtube.com/watch?v=Umx5ShOz2oU
MoneyWeek videos are designed to help you become a better investor, and to give you a better understanding of the markets. They’re aimed at both beginners and more experienced investors.
In all our videos we explain things in an easy-to-understand way. Some videos are about important ideas and concepts. Others are about investment stories and themes in the news. The emphasis is on clarity and brevity. We don’t want to waste your time with a 20-minute video that could easily be so much shorter.
We’ve already made over 200 financial videos and we add more each week. You can see the full archive here at MoneyWeek videos.

How The Economic Machine Works by Ray Dalio

Economics 101 -- "How the Economic MachineWorks."
Created by Ray Dalio this simple but not simplistic and easy to follow 30 minute, animated video answers the...

Economics 101 -- "How the Economic MachineWorks."
Created by Ray Dalio this simple but not simplistic and easy to follow 30 minute, animated video answers the question, "How does the economy really work?" Based on Dalio's practical template for understanding the economy, which he developed over the course of his career, the video breaks down economic concepts like credit, deficits and interest rates, allowing viewers to learn the basic driving forces behind the economy, how economic policies work and why economic cycles occur.
To learn more about Economic Principles visit: http://www.economicprinciples.org.
[Also Available In Chinese] 经济这台机器是怎样运行的: http://www.youtube.com/watch?v=-ZbeYejg9Pk
[Also Available In Russian] Как действует экономическая машина. Автор: Рэй Далио (на русском языке): http://youtu.be/8BaNOlIfMLE

Economics 101 -- "How the Economic MachineWorks."
Created by Ray Dalio this simple but not simplistic and easy to follow 30 minute, animated video answers the question, "How does the economy really work?" Based on Dalio's practical template for understanding the economy, which he developed over the course of his career, the video breaks down economic concepts like credit, deficits and interest rates, allowing viewers to learn the basic driving forces behind the economy, how economic policies work and why economic cycles occur.
To learn more about Economic Principles visit: http://www.economicprinciples.org.
[Also Available In Chinese] 经济这台机器是怎样运行的: http://www.youtube.com/watch?v=-ZbeYejg9Pk
[Also Available In Russian] Как действует экономическая машина. Автор: Рэй Далио (на русском языке): http://youtu.be/8BaNOlIfMLE

In his Perimeter InstitutePublic Lecture, James Weatherall tells the story of how, in the aftermath of World War II, some innovative physicists and mathematicians saw surprising connections between physics, gambling, and finance, and put those connections to use to become the first quants. He introduces some of the ideas behind modern quantitative trading and show how the history of mathematical reasoning in finance reveals that these models can be extremely useful — but only if we understand their limitations.

In his Perimeter InstitutePublic Lecture, James Weatherall tells the story of how, in the aftermath of World War II, some innovative physicists and mathematicians saw surprising connections between physics, gambling, and finance, and put those connections to use to become the first quants. He introduces some of the ideas behind modern quantitative trading and show how the history of mathematical reasoning in finance reveals that these models can be extremely useful — but only if we understand their limitations.

published:02 Feb 2017

views:11383

back

How to Kick A$$ in Any Financial Market and What Brokers and Market Makers Don't Want You to know

We at 4X-DAT™ understand that some of these concepts are controversial and we both understand and expect skepticism too. Therefore, we welcome skeptics and enth...

We at 4X-DAT™ understand that some of these concepts are controversial and we both understand and expect skepticism too. Therefore, we welcome skeptics and enthusiasts alike to view the success of these strategies that is evident in the live trading accounts available for review at www.4x-dat.com. You can actually register to view the software trading these strategies live in real time! If your trading results are demonstrably better, we'd encourage you to present them along with your critique. We would also like to note that the software allows traders to employ millions of variations in strategies so feel free to use it to automate your own strategies.

We at 4X-DAT™ understand that some of these concepts are controversial and we both understand and expect skepticism too. Therefore, we welcome skeptics and enthusiasts alike to view the success of these strategies that is evident in the live trading accounts available for review at www.4x-dat.com. You can actually register to view the software trading these strategies live in real time! If your trading results are demonstrably better, we'd encourage you to present them along with your critique. We would also like to note that the software allows traders to employ millions of variations in strategies so feel free to use it to automate your own strategies.

EP 137: The horse bettor exploiting anomalies in financial markets – Dr. William Ziemba
Dr. William Ziemba’s an academic, a practitioner, gambler, trader and an author. He’s worked with and consulted to many well-respected names in the field, such as; Edward Thorp, Blair Hull and the very successful horse bettor, Bill Benter.
In the beginning, horse betting was William’s field of expertise (he even published a book titled, Beat The Racetrack!) And in many ways, for William, horse betting worked as a gateway to trading financial markets—which he’s been doing since 1983.
Now in current times, William manages a fund; Alpha Z Advisors—which started trading in July 2013 and as of May 2017, has returned 527%. Much of William’s trading revolves around calendar anomalies, arbitrage strategies and behavioral biases…

EP 137: The horse bettor exploiting anomalies in financial markets – Dr. William Ziemba
Dr. William Ziemba’s an academic, a practitioner, gambler, trader and an author. He’s worked with and consulted to many well-respected names in the field, such as; Edward Thorp, Blair Hull and the very successful horse bettor, Bill Benter.
In the beginning, horse betting was William’s field of expertise (he even published a book titled, Beat The Racetrack!) And in many ways, for William, horse betting worked as a gateway to trading financial markets—which he’s been doing since 1983.
Now in current times, William manages a fund; Alpha Z Advisors—which started trading in July 2013 and as of May 2017, has returned 527%. Much of William’s trading revolves around calendar anomalies, arbitrage strategies and behavioral biases…

17. Options Markets

Financial Markets (2011) (ECON 252)
After introducing the core terms and main ideas of options in the beginning of the lecture, ProfessorShiller emphasizes tw...

Financial Markets (2011) (ECON 252)
After introducing the core terms and main ideas of options in the beginning of the lecture, ProfessorShiller emphasizes two purposes of options, a theoretical and a behavioral purpose. Subsequently, he provides a graphical representation for the value of a call and a put option, and, in this context, addresses the put-call parity for European options. Within the framework of the Binomial Asset Pricing model, he derives the value of a call-option from the no-arbitrage-principle, and, as a continuous-time analogue to this formula, he presents the Black-Scholes OptionPricing formula. He contrasts implied volatility, as represented by the VIX index of the Chicago Board Options Exchange, which uses a different formula in the spirit of Black-Scholes, with the actual S&P Composite volatility from 1986 until 2010. Professor Shiller concludes the lecture with some thoughts about options on single-family homes that he launched with his colleagues of the Chicago Mercantile Exchange in 2006.
00:00 - Chapter 1. Examples of Options Markets and Core Terms
07:11 - Chapter 2. Purposes of Option Contracts
17:11 - Chapter 3. Quoted Prices of Options and the Role of Derivatives Markets
24:54 - Chapter 4. Call and Put Options and the Put-Call Parity
34:56 - Chapter 5. Boundaries on the Price of a Call Option
39:07 - Chapter 6. Pricing Options with the Binomial Asset Pricing Model
51:02 - Chapter 7. The Black-Scholes Option Pricing Formula
55:49 - Chapter 8. Implied Volatility - The VIXIndex in Comparison to ActualMarket Volatility
01:09:33 - Chapter 9. The Potential for Options in the Housing Market
Complete course materials are available at the YaleOnline website: online.yale.edu
This course was recorded in Spring 2011.

Financial Markets (2011) (ECON 252)
After introducing the core terms and main ideas of options in the beginning of the lecture, ProfessorShiller emphasizes two purposes of options, a theoretical and a behavioral purpose. Subsequently, he provides a graphical representation for the value of a call and a put option, and, in this context, addresses the put-call parity for European options. Within the framework of the Binomial Asset Pricing model, he derives the value of a call-option from the no-arbitrage-principle, and, as a continuous-time analogue to this formula, he presents the Black-Scholes OptionPricing formula. He contrasts implied volatility, as represented by the VIX index of the Chicago Board Options Exchange, which uses a different formula in the spirit of Black-Scholes, with the actual S&P Composite volatility from 1986 until 2010. Professor Shiller concludes the lecture with some thoughts about options on single-family homes that he launched with his colleagues of the Chicago Mercantile Exchange in 2006.
00:00 - Chapter 1. Examples of Options Markets and Core Terms
07:11 - Chapter 2. Purposes of Option Contracts
17:11 - Chapter 3. Quoted Prices of Options and the Role of Derivatives Markets
24:54 - Chapter 4. Call and Put Options and the Put-Call Parity
34:56 - Chapter 5. Boundaries on the Price of a Call Option
39:07 - Chapter 6. Pricing Options with the Binomial Asset Pricing Model
51:02 - Chapter 7. The Black-Scholes Option Pricing Formula
55:49 - Chapter 8. Implied Volatility - The VIXIndex in Comparison to ActualMarket Volatility
01:09:33 - Chapter 9. The Potential for Options in the Housing Market
Complete course materials are available at the YaleOnline website: online.yale.edu
This course was recorded in Spring 2011.

In financial markets, high-frequency trading (HFT) is a type of algorithmic trading characterized by high speeds, high turnover rates, and high order-to-trade r...

In financial markets, high-frequency trading (HFT) is a type of algorithmic trading characterized by high speeds, high turnover rates, and high order-to-trade ratios that leverages high-frequency financial data and electronic trading tools. While there is no single definition of HFT, among its key attributes are highly sophisticated algorithms, co-location, and very short-term investment horizons. HFT can be viewed as a primary form of algorithmic trading in finance. Specifically, it is the use of sophisticated technological tools and computer algorithms to rapidly trade securities. HFT uses proprietary trading strategies carried out by computers to move in and out of positions in seconds or fractions of a second. Aldridge and Krawciw, 2017 estimate that in 2016 HFT on average initiated 10-40% of trading volume in equities, and 10-15% of volume in foreign exchange and commodities. Intraday, however, proportion of HFT may vary from 0% to 100% of short-term trading volume. Previous estimates reporting that HFT accounted for 60-73% of all US equity trading volume, with that number falling to approximately 50% in 2012 were highly inaccurate speculative guesses. High-frequency traders move in and out of short-term positions at high volumes and high speeds aiming to capture sometimes a fraction of a cent in profit on every trade. HFT firms do not consume significant amounts of capital, accumulate positions or hold their portfolios overnight. As a result, HFT has a potential Sharpe ratio (a measure of reward to risk) tens of times higher than traditional buy-and-hold strategies. High-frequency traders typically compete against other HFTs, rather than long-term investors. HFT firms make up the low margins with incredibly high volumes of trades, frequently numbering in the millions.
A substantial body of research argues that HFT and electronic trading pose new types of challenges to the financial system. Algorithmic and high-frequency traders were both found to have contributed to volatility in the Flash Crash of May 6, 2010, when high-frequency liquidity providers rapidly withdrew from the market. Several European countries have proposed curtailing or banning HFT due to concerns about volatility.
Advanced computerized trading platforms and market gateways are becoming standard tools of most types of traders, including high-frequency traders. Broker-dealers now compete on routing order flow directly, in the fastest and most efficient manner, to the line handler where it undergoes a strict set of risk filters before hitting the execution venue(s). Ultra-low latency direct market access (ULLDMA) is a hot topic amongst brokers and technology vendors such as Goldman Sachs, Credit Suisse, and UBS. Typically, ULLDMA systems can currently handle high amounts of volume and boast round-trip order execution speeds (from hitting "transmit order" to receiving an acknowledgment) of 10 milliseconds or less.
Such performance is achieved with the use of hardware acceleration or even full-hardware processing of incoming market data, in association with high-speed communication protocols, such as 10 Gigabit Ethernet or PCI Express. More specifically, some companies provide full-hardware appliances based on FPGA technology to obtain sub-microsecond end-to-end market data processing.
Buy side traders made efforts to curb predatory HFT strategies. Brad Katsuyama, co-founder of the IEX, led a team that implemented THOR, a securities order-management system that splits large orders into smaller sub-orders that arrive at the same time to all the exchanges through the use of intentional delays. This largely prevents information leakage in the propagation of orders that high-speed traders can take advantage of.[112] In 2016, after having with Intercontinental Exchange Inc. and others failed to prevent SEC approval of IEX's launch and having failed to sue as it had threatened to do over the SEC approval, Nasdaq launched a 'speed bump' product of its own to compete with IEX. According to Nasdaq CEORobert Greifeld "the regulator shouldn’t have approved IEX without changing the rules that required quotes to be immediately visible".
https://en.wikipedia.org/wiki/High-frequency_trading
Michael Monroe Lewis (born October 15, 1960) is an American non-fiction author and financial journalist. His bestselling books include Liar's Poker (1989), The New New Thing (2000), Moneyball: The Art of Winning an UnfairGame (2003), The Blind Side: Evolution of a Game (2006), Panic (2008), Home Game: An AccidentalGuide to Fatherhood (2009), The Big Short: Inside the Doomsday Machine (2010), Boomerang: Travels in the New Third World (2011) and Flash Boys (2014). He has also been a contributing editor to Vanity Fair since 2009. His most recent book is called The UndoingProject.
https://en.wikipedia.org/wiki/Michael_Lewis
Image By MichaelIvanov (tug) [CC BY2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons

In financial markets, high-frequency trading (HFT) is a type of algorithmic trading characterized by high speeds, high turnover rates, and high order-to-trade ratios that leverages high-frequency financial data and electronic trading tools. While there is no single definition of HFT, among its key attributes are highly sophisticated algorithms, co-location, and very short-term investment horizons. HFT can be viewed as a primary form of algorithmic trading in finance. Specifically, it is the use of sophisticated technological tools and computer algorithms to rapidly trade securities. HFT uses proprietary trading strategies carried out by computers to move in and out of positions in seconds or fractions of a second. Aldridge and Krawciw, 2017 estimate that in 2016 HFT on average initiated 10-40% of trading volume in equities, and 10-15% of volume in foreign exchange and commodities. Intraday, however, proportion of HFT may vary from 0% to 100% of short-term trading volume. Previous estimates reporting that HFT accounted for 60-73% of all US equity trading volume, with that number falling to approximately 50% in 2012 were highly inaccurate speculative guesses. High-frequency traders move in and out of short-term positions at high volumes and high speeds aiming to capture sometimes a fraction of a cent in profit on every trade. HFT firms do not consume significant amounts of capital, accumulate positions or hold their portfolios overnight. As a result, HFT has a potential Sharpe ratio (a measure of reward to risk) tens of times higher than traditional buy-and-hold strategies. High-frequency traders typically compete against other HFTs, rather than long-term investors. HFT firms make up the low margins with incredibly high volumes of trades, frequently numbering in the millions.
A substantial body of research argues that HFT and electronic trading pose new types of challenges to the financial system. Algorithmic and high-frequency traders were both found to have contributed to volatility in the Flash Crash of May 6, 2010, when high-frequency liquidity providers rapidly withdrew from the market. Several European countries have proposed curtailing or banning HFT due to concerns about volatility.
Advanced computerized trading platforms and market gateways are becoming standard tools of most types of traders, including high-frequency traders. Broker-dealers now compete on routing order flow directly, in the fastest and most efficient manner, to the line handler where it undergoes a strict set of risk filters before hitting the execution venue(s). Ultra-low latency direct market access (ULLDMA) is a hot topic amongst brokers and technology vendors such as Goldman Sachs, Credit Suisse, and UBS. Typically, ULLDMA systems can currently handle high amounts of volume and boast round-trip order execution speeds (from hitting "transmit order" to receiving an acknowledgment) of 10 milliseconds or less.
Such performance is achieved with the use of hardware acceleration or even full-hardware processing of incoming market data, in association with high-speed communication protocols, such as 10 Gigabit Ethernet or PCI Express. More specifically, some companies provide full-hardware appliances based on FPGA technology to obtain sub-microsecond end-to-end market data processing.
Buy side traders made efforts to curb predatory HFT strategies. Brad Katsuyama, co-founder of the IEX, led a team that implemented THOR, a securities order-management system that splits large orders into smaller sub-orders that arrive at the same time to all the exchanges through the use of intentional delays. This largely prevents information leakage in the propagation of orders that high-speed traders can take advantage of.[112] In 2016, after having with Intercontinental Exchange Inc. and others failed to prevent SEC approval of IEX's launch and having failed to sue as it had threatened to do over the SEC approval, Nasdaq launched a 'speed bump' product of its own to compete with IEX. According to Nasdaq CEORobert Greifeld "the regulator shouldn’t have approved IEX without changing the rules that required quotes to be immediately visible".
https://en.wikipedia.org/wiki/High-frequency_trading
Michael Monroe Lewis (born October 15, 1960) is an American non-fiction author and financial journalist. His bestselling books include Liar's Poker (1989), The New New Thing (2000), Moneyball: The Art of Winning an UnfairGame (2003), The Blind Side: Evolution of a Game (2006), Panic (2008), Home Game: An AccidentalGuide to Fatherhood (2009), The Big Short: Inside the Doomsday Machine (2010), Boomerang: Travels in the New Third World (2011) and Flash Boys (2014). He has also been a contributing editor to Vanity Fair since 2009. His most recent book is called The UndoingProject.
https://en.wikipedia.org/wiki/Michael_Lewis
Image By MichaelIvanov (tug) [CC BY2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons

The mechanics of financial markets w/ Peter Zhang of Sang Lucci

Full show notes: http://chatwithtraders.com/ep-009-peter-zhang/ - - Sliding in on episode 009 is a special guest to pullback the curtains, and shine some light on the often dark and mysterious inner workings of our financial markets.
Folks, meet Peter Zhang.
A Major in Quantitative Finance who was once without a home, dirt poor and had the odds stacked against him. But with a point to prove and the hustlers ambition, he chased down a mentor who would carefully show him the ropes, and gradually transform him into a trader who could make smart decisions, and smart trades.
After spending his last dollar on a plane ticket to Las Vegas to attend a trading conference, he got in the ear of Anand ‘Lucci’ Sanghvi (EP 008), and convinced him that starting a hedge fund would be a wise idea.
Fast forward a few years, Peter now leads the hedge fund operations at Sang Lucci CapitalPartners, including a completely automated high frequency trading fund. And has a mind-blowing understanding of market structure, as you are about to witness.

11:46

Trading 101: How Does the Stock Market Work?

Trading 101: How Does the Stock Market Work?
Thanks to a subscriber on YouTube, I was giv...

Trading 101: How Does the Stock Market Work?

Trading 101: How Does the Stock MarketWork?
Thanks to a subscriber on YouTube, I was given the suggestion to dig deep into "how" exactly the stock market works. Who is in the market? Why do people trade? How is money actually made?
FreeGuide - The 5 Tools I Use To Find Stocks To Trade: https://claytrader.com/lp/Free-Guide-Trading-Tools/?utm_source=social&utm_medium=youtube&utm_campaign=resource%20guide
Enjoy this Free Content? I'm confident you'd enjoy my premium training courses then: https://claytrader.com/training/
Hear real life trading journeys from "normal" people: The Stock Trading Reality Podcast - https://claytrader.com/podcast/

3:34

How The Stock Exchange Works (For Dummies)

Why are there stocks at all?
Everyday in the news we hear about the stock exchange, stock...

How The Stock Exchange Works (For Dummies)

Why are there stocks at all?
Everyday in the news we hear about the stock exchange, stocks and money moving around the globe. Still, a lot of people don't have an idea why we have stock markets at all, because the topic is usually very dry. We made a short video about the basics of the stock exchanges. With robots. Robots are kewl!
Short videos, explaining things. For example Evolution, the Universe, the Stock Market or controversial topics like Fracking. Because we love science.
We would love to interact more with you, our viewers to figure out what topics you want to see. If you have a suggestion for future videos or feedback, drop us a line! :)
We're a bunch of Information designers from munich, visit us on facebook or behance to say hi!
https://www.facebook.com/Kurzgesagt
https://www.behance.net/kurzgesagt
How the Stock Exchange works
Help us caption & translate this video!
http://www.youtube.com/timedtext_cs_panel?c=UCsXVk37bltHxD1rDPwtNM8Q&tab=2

31:00

How The Economic Machine Works by Ray Dalio

Economics 101 -- "How the Economic Machine Works."
Created by Ray Dalio this simple but n...

How The Economic Machine Works by Ray Dalio

Economics 101 -- "How the Economic MachineWorks."
Created by Ray Dalio this simple but not simplistic and easy to follow 30 minute, animated video answers the question, "How does the economy really work?" Based on Dalio's practical template for understanding the economy, which he developed over the course of his career, the video breaks down economic concepts like credit, deficits and interest rates, allowing viewers to learn the basic driving forces behind the economy, how economic policies work and why economic cycles occur.
To learn more about Economic Principles visit: http://www.economicprinciples.org.
[Also Available In Chinese] 经济这台机器是怎样运行的: http://www.youtube.com/watch?v=-ZbeYejg9Pk
[Also Available In Russian] Как действует экономическая машина. Автор: Рэй Далио (на русском языке): http://youtu.be/8BaNOlIfMLE

The New York Stock Exchange (sometimes referred to as "the Big Board") provides a means for buyers and sellers to trade shares of stock in companies registered for public trading. The NYSE is open for trading Monday through Friday from 9:30 am -- 4:00 pm ET, with the exception of holidays declared by the Exchange in advance.
The NYSE trades in a continuous auction format, where traders can execute stock transactions on behalf of investors. They will gather around the appropriate post where a specialist broker, who is employed by an NYSE member firm (that is, he/she is not an employee of the New York Stock Exchange), acts as an auctioneer in an open outcry auction market environment to bring buyers and sellers together and to manage the actual auction. They do on occasion (approximately 10% of the time) facilitate the trades by committing their own capital and as a matter of course disseminate information to the crowd that helps to bring buyers and sellers together. The auction process moved toward automation in 1995 through the use of wireless hand held computers (HHC). The system enabled traders to receive and execute orders electronically via wireless transmission. On September 25, 1995, NYSE member Michael Einersen, who designed and developed this system, executed 1000 shares of IBM through this HHC ending a 203 year process of paper transactions and ushering in an era of automated trading.
As ofJanuary 24, 2007, all NYSE stocks can be traded via its electronic hybrid market (except for a small group of very high-priced stocks). Customers can now send orders for immediate electronic execution, or route orders to the floor for trade in the auction market. In the first three months of 2007, in excess of 82% of all order volume was delivered to the floor electronically.[23] NYSE works with US regulators like the SEC and CFTC to coordinate risk management measures in the electronic trading environment through the implementation of mechanisms like circuit breakers and liquidity replenishment points.[24]
Until 2005, the right to directly trade shares on the exchange was conferred upon owners of the 1366 "seats". The term comes from the fact that up until the 1870s NYSE members sat in chairs to trade. In 1868, the number of seats was fixed at 533, and this number was increased several times over the years. In 1953, the number of seats was set at 1,366. These seats were a sought-after commodity as they conferred the ability to directly trade stock on the NYSE, and seat holders were commonly referred to as members of the NYSE. The Barnes family is the only known lineage to have five generations of NYSE members: Winthrop H. Barnes (admitted 1894), RichardW.P. Barnes (admitted 1926), Richard S. Barnes (admitted 1951), Robert H. Barnes (admitted 1972), Derek J. Barnes (admitted 2003). Seat prices varied widely over the years, generally falling during recessions and rising during economic expansions. The most expensive inflation-adjusted seat was sold in 1929 for $625,000, which, today, would be over six million dollars. In recent times, seats have sold for as high as $4 million in the late 1990s and as low as $1 million in 2001. In 2005, seat prices shot up to $3.25 million as the exchange entered into an agreement to merge with Archipelago and become a for-profit, publicly traded company. Seat owners received $500,000 in cash per seat and 77,000 shares of the newly formed corporation. The NYSE now sells one-year licenses to trade directly on the exchange. Licences for floor trading are available for $40,000 and a licence for bond trading is available for as little as $1,000 as of 2010.[25] Neither are resell-able, but may be transferable in during the change of ownership of a cooperation holding a trading licence.
On February 15, 2011 NYSE and Deutsche Börse announced their merger to form a new company, as yet unnamed, wherein Deutsche Börse shareholders will have 60% ownership of the new entity, and NYSE Euronext shareholders will have 40%.
On February 1, 2012, the European Commission blocked the merger of NYSE with Deutsche Börse, after commissioner Joaquin Almunia stated that the merger "would have led to a near-monopoly in European financial derivatives worldwide".[38] Instead, Deutsche Börse and NYSE will have to sell either their Eurex derivatives or LIFFE shares in order to not create a monopoly. On February 2, 2012, NYSE Euronext and Deutsche Börse agreed to scrap the merger.[39]
In April 2011, IntercontinentalExchange (ICE), an American futures exchange, and NASDAQ OMX Group had together made an unsolicited proposal to buy NYSE Euronext for approximately US$11 billion, a deal in which NASDAQ would have taken control of the stock exchanges.[40] NYSE Euronext rejected this offer two times, but it was finally terminated after the United States Department of Justice indicated their intention to block the deal due to antitrust concerns.
http://en.wikipedia.org/wiki/New_York_Stock_Exchange

15:55

What can physics tell us about stock market crashes? Dragan Mihailović at TEDxLjubljana

Can physics help us to better understand stock market crashes?
Dragan Mihailović is the h...

What can physics tell us about stock market crashes? Dragan Mihailović at TEDxLjubljana

Can physics help us to better understand stock market crashes?
Dragan Mihailović is the head of Department of ComplexMatter, Group leader and Chief Scientist at Jozef Stefan Institute and Professor at the Department of Mathematics and Physics at University of Ljubljana.
In the spirit of ideas worth spreading, TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are self-organized.* (*Subject to certain rules and regulations)

1:24:18

James Weatherall Public Lecture: The Physics of Wall Street

In his Perimeter Institute Public Lecture, James Weatherall tells the story of how, in the...

James Weatherall Public Lecture: The Physics of Wall Street

In his Perimeter InstitutePublic Lecture, James Weatherall tells the story of how, in the aftermath of World War II, some innovative physicists and mathematicians saw surprising connections between physics, gambling, and finance, and put those connections to use to become the first quants. He introduces some of the ideas behind modern quantitative trading and show how the history of mathematical reasoning in finance reveals that these models can be extremely useful — but only if we understand their limitations.

Labor Markets and Minimum Wage: Crash Course Economics #28

How much should you get paid for your job? Well, that depends on a lot of factors. Your skill set, the demand for the skills you have, and what other people are getting paid around you all factor in. In a lot of ways, labor markets work on supply and demand, just like many of the markets we talk about in Crash Course Econ. But, again, there aren't a lot of pure, true markets in the world. There are all kinds of oddities and regulations that change the way labor markets work. One common (and kind of controversial one) is the minimum wage. The minimum wage has potential upsides and downsides, and we'll take a look at the various arguments for an against it.
Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse
Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever:
Mark, EricKitchen, Jessica Wode, Jeffrey Thompson, Steve Marshall, MoritzSchmidt, Robert Kunz, Tim Curwick, Jason A Saslow, SR Foxley, ElliotBeter, Jacob Ash, Christian, Jan Schmid, Jirat, Christy Huddleston, Daniel Baulig, Chris Peters, Anna-Ester Volozh, Ian Dundore, CalebWeeks
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3:39

Futures margin mechanics | Finance & Capital Markets | Khan Academy

Understanding the mechanics of margin for futures. Initial and maintenance margin.Created ...

Futures margin mechanics | Finance & Capital Markets | Khan Academy

Understanding the mechanics of margin for futures. Initial and maintenance margin.Created by Sal Khan.
Watch the next lesson:
https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/forward-futures-contracts/v/verifying-hedge-with-futures-margin-mechanics?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets
Missed the previous lesson? Watch here:
https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/forward-futures-contracts/v/motivation-for-the-futures-exchange?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets
Finance and capital markets on Khan Academy: In many commodities markets, it is very helpful for buyers or sellers to lock-in future prices. This is what both forwards and futures allow for. This tutorial explains how they work and what the difference is between the two.
About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content.
For free. For everyone. Forever. #YouCanLearnAnything
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3:00

Understanding Short Selling | by Wall Street Survivor

What is short selling?
Most people think of investing as buying a stock (or other asset) ...

Understanding Short Selling | by Wall Street Survivor

What is short selling?
Most people think of investing as buying a stock (or other asset) and making money when its price goes up - but it’s also possible to make a profit when a stock price goes down. This process is called short selling (or shorting).
Short selling isn’t all peaches and cream. There are opportunities for high returns, but as usual, these come with high risks. The big risk here is that there is no limit to your losses. When you buy a stock, you can only lose the amount that you invested. But when you short, your losses are infinite because there is theoretically no end to how high a stock’s price can rise.
Short selling isn’t for everyone. It requires a lot of time and research, and a desire for high risks and high returns. Short selling is primarily used for speculator looking to make a profit when the market goes down or investing looking to hedge their position.
Learn more about about short selling with Wall Street Survivor's Understanding Advanced Techniques course: http://courses.wallstreetsurvivor.com/is/16-understanding-advanced-techniques/?courseComplete=1&courseId=924#!

The mechanics of financial markets w/ Peter Zhang of Sang Lucci

Full show notes: http://chatwithtraders.com/ep-009-peter-zhang/ - - Sliding in on episode 009 is a special guest to pullback the curtains, and shine some light on the often dark and mysterious inner workings of our financial markets.
Folks, meet Peter Zhang.
A Major in Quantitative Finance who was once without a home, dirt poor and had the odds stacked against him. But with a point to prove and the hustlers ambition, he chased down a mentor who would carefully show him the ropes, and gradually transform him into a trader who could make smart decisions, and smart trades.
After spending his last dollar on a plane ticket to Las Vegas to attend a trading conference, he got in the ear of Anand ‘Lucci’ Sanghvi (EP 008), and convinced him that starting a hedge fund would be a wise idea.
Fast forward a few years, Peter now leads the hedge fund operations at Sang Lucci CapitalPartners, including a completely automated high frequency trading fund. And has a mind-blowing understanding of market structure, as you are about to witness.

Some markets allow dark liquidity to be posted inside the existing limit order book alongside public liquidity, usually through the use of iceberg orders. More on dark pools: https://www.amazon.com/gp/search?ie=UTF8&tag=tra0c7-20&linkCode=ur2&linkId=f90378849d15aadf8ed8f0403284942f&camp=1789&creative=9325&index=books&keywords=dark%20pools
Iceberg orders generally specify an additional "display quantity"—i.e., smaller than the overall order quantity. The order is queued along with other orders but only the display quantity is printed to the market depth. When the order reaches the front of its price queue, only the display quantity is filled before the order is automatically put at the back of the queue and must wait for its next chance to get a fill. Such orders will, therefore, get filled less quickly than the fully public equivalent, and they often carry an explicit cost penalty in the form of a larger execution cost charged by the market. Iceberg orders are not truly dark either, as the trade is usually visible after the fact in the market's public trade feed.
Truly dark liquidity can be collected off-market in dark pools. Dark pools are generally very similar to standard markets with similar order types, pricing rules and prioritization rules. However, the liquidity is deliberately not advertised—there is no market depth feed. Such markets have no need of an iceberg-order type. In addition, they prefer not to print the trades to any public data feed, or if legally required to do so, will do so with as large a delay as legally possible—all to reduce the market impact of any trade. Dark pools are often formed from brokers' order books and other off-market liquidity. When comparing pools, careful checks should be made as to how liquidity numbers were calculated—some venues count both sides of the trade, or even count liquidity that was posted but not filled.
Dark liquidity pools offer institutional investors many of the efficiencies associated with trading on the exchanges' public limit order books but without showing their actions to others. Dark liquidity pools avoid this risk because neither the price nor the identity of the trading company is displayed.[7]
Dark pools are recorded to the national consolidated tape. However, they are recorded as over-the-counter transactions. Therefore, detailed information about the volumes and types of transactions is left to the crossing network to report to clients if they desire and are contractually obligated.[8]
Dark pools allow funds to line up and move large blocks of equities without tipping their hands as to what they are up to. Modern trading platforms and the lack of human interaction have reduced the time scale on market movements. This increased responsiveness of the price of an equity to market pressures has made it more difficult to move large blocks of stock without affecting the price.[9]
Dark pools are run by private brokerages which operate under fewer regulatory and public disclosure requirements than public exchanges.[10] Tabb Group estimates trading on the dark pools accounts for 32% of trades in 2012 vs 26% in 2008.
For an asset that can be only publicly traded, the standard price discovery process is generally assumed to ensure that at any given time the price is approximately "correct" or "fair". However, very few assets are in this category since most can be traded off market without printing the trade to a publicly accessible data source. As the proportion of the daily volume of the asset that is traded in such a hidden manner increases, the public price might still be considered fair. However, if public trading continues to decrease as hidden trading increases, it can be seen that the public price does not take into account all information about the asset (in particular, it does not take into account what was traded but hidden) and thus the public price may no longer be "fair".
Yet when trades executed in dark pools are incorporated into a post-trade transparency regime, investors have access to them as a part of a consolidated tape. This can aid price discovery because institutional investors who are reluctant to tip their hands in lit market still have to trade and thus a dark pool with post-trade transparency improves price discovery by increasing the amount of trading taking place.
http://en.wikipedia.org/wiki/Dark_pool

20:30

What are futures? - MoneyWeek Investment Tutorials

What are futures? Tim Bennett explains the key features and basic principles of futures, w...

What are futures? - MoneyWeek Investment Tutorials

What are futures? Tim Bennett explains the key features and basic principles of futures, which, alongside swaps, options and covered warrants, make up the derivatives market.
Related links…
- What are derivatives? https://www.youtube.com/watch?v=Wjlw7ZpZVK4
- What are options and covered warrants? https://www.youtube.com/watch?v=3196NpHDyec
- What are futures? https://www.youtube.com/watch?v=nwR5b6E0Xo4
- What is a swap? https://www.youtube.com/watch?v=uVq384nqWqg
- Why you should avoid structured products https://www.youtube.com/watch?v=Umx5ShOz2oU
MoneyWeek videos are designed to help you become a better investor, and to give you a better understanding of the markets. They’re aimed at both beginners and more experienced investors.
In all our videos we explain things in an easy-to-understand way. Some videos are about important ideas and concepts. Others are about investment stories and themes in the news. The emphasis is on clarity and brevity. We don’t want to waste your time with a 20-minute video that could easily be so much shorter.
We’ve already made over 200 financial videos and we add more each week. You can see the full archive here at MoneyWeek videos.

31:00

How The Economic Machine Works by Ray Dalio

Economics 101 -- "How the Economic Machine Works."
Created by Ray Dalio this simple but n...

How The Economic Machine Works by Ray Dalio

Economics 101 -- "How the Economic MachineWorks."
Created by Ray Dalio this simple but not simplistic and easy to follow 30 minute, animated video answers the question, "How does the economy really work?" Based on Dalio's practical template for understanding the economy, which he developed over the course of his career, the video breaks down economic concepts like credit, deficits and interest rates, allowing viewers to learn the basic driving forces behind the economy, how economic policies work and why economic cycles occur.
To learn more about Economic Principles visit: http://www.economicprinciples.org.
[Also Available In Chinese] 经济这台机器是怎样运行的: http://www.youtube.com/watch?v=-ZbeYejg9Pk
[Also Available In Russian] Как действует экономическая машина. Автор: Рэй Далио (на русском языке): http://youtu.be/8BaNOlIfMLE

1:24:18

James Weatherall Public Lecture: The Physics of Wall Street

In his Perimeter Institute Public Lecture, James Weatherall tells the story of how, in the...

James Weatherall Public Lecture: The Physics of Wall Street

In his Perimeter InstitutePublic Lecture, James Weatherall tells the story of how, in the aftermath of World War II, some innovative physicists and mathematicians saw surprising connections between physics, gambling, and finance, and put those connections to use to become the first quants. He introduces some of the ideas behind modern quantitative trading and show how the history of mathematical reasoning in finance reveals that these models can be extremely useful — but only if we understand their limitations.

1:40:22

How to Kick A$$ in Any Financial Market and What Brokers and Market Makers Don't Want You to know

We at 4X-DAT™ understand that some of these concepts are controversial and we both underst...

How to Kick A$$ in Any Financial Market and What Brokers and Market Makers Don't Want You to know

We at 4X-DAT™ understand that some of these concepts are controversial and we both understand and expect skepticism too. Therefore, we welcome skeptics and enthusiasts alike to view the success of these strategies that is evident in the live trading accounts available for review at www.4x-dat.com. You can actually register to view the software trading these strategies live in real time! If your trading results are demonstrably better, we'd encourage you to present them along with your critique. We would also like to note that the software allows traders to employ millions of variations in strategies so feel free to use it to automate your own strategies.

1:09:22

21. Exchanges, Brokers, Dealers, Clearinghouses

Financial Markets (2011) (ECON 252)
As the starting point for this lecture, Professor Shi...

Exploiting anomalies in financial markets · Dr. William Ziemba

EP 137: The horse bettor exploiting anomalies in financial markets – Dr. William Ziemba
Dr. William Ziemba’s an academic, a practitioner, gambler, trader and an author. He’s worked with and consulted to many well-respected names in the field, such as; Edward Thorp, Blair Hull and the very successful horse bettor, Bill Benter.
In the beginning, horse betting was William’s field of expertise (he even published a book titled, Beat The Racetrack!) And in many ways, for William, horse betting worked as a gateway to trading financial markets—which he’s been doing since 1983.
Now in current times, William manages a fund; Alpha Z Advisors—which started trading in July 2013 and as of May 2017, has returned 527%. Much of William’s trading revolves around calendar anomalies, arbitrage strategies and behavioral biases…

17. Options Markets

Financial Markets (2011) (ECON 252)
After introducing the core terms and main ideas of options in the beginning of the lecture, ProfessorShiller emphasizes two purposes of options, a theoretical and a behavioral purpose. Subsequently, he provides a graphical representation for the value of a call and a put option, and, in this context, addresses the put-call parity for European options. Within the framework of the Binomial Asset Pricing model, he derives the value of a call-option from the no-arbitrage-principle, and, as a continuous-time analogue to this formula, he presents the Black-Scholes OptionPricing formula. He contrasts implied volatility, as represented by the VIX index of the Chicago Board Options Exchange, which uses a different formula in the spirit of Black-Scholes, with the actual S&P Composite volatility from 1986 until 2010. Professor Shiller concludes the lecture with some thoughts about options on single-family homes that he launched with his colleagues of the Chicago Mercantile Exchange in 2006.
00:00 - Chapter 1. Examples of Options Markets and Core Terms
07:11 - Chapter 2. Purposes of Option Contracts
17:11 - Chapter 3. Quoted Prices of Options and the Role of Derivatives Markets
24:54 - Chapter 4. Call and Put Options and the Put-Call Parity
34:56 - Chapter 5. Boundaries on the Price of a Call Option
39:07 - Chapter 6. Pricing Options with the Binomial Asset Pricing Model
51:02 - Chapter 7. The Black-Scholes Option Pricing Formula
55:49 - Chapter 8. Implied Volatility - The VIXIndex in Comparison to ActualMarket Volatility
01:09:33 - Chapter 9. The Potential for Options in the Housing Market
Complete course materials are available at the YaleOnline website: online.yale.edu
This course was recorded in Spring 2011.

In financial markets, high-frequency trading (HFT) is a type of algorithmic trading characterized by high speeds, high turnover rates, and high order-to-trade ratios that leverages high-frequency financial data and electronic trading tools. While there is no single definition of HFT, among its key attributes are highly sophisticated algorithms, co-location, and very short-term investment horizons. HFT can be viewed as a primary form of algorithmic trading in finance. Specifically, it is the use of sophisticated technological tools and computer algorithms to rapidly trade securities. HFT uses proprietary trading strategies carried out by computers to move in and out of positions in seconds or fractions of a second. Aldridge and Krawciw, 2017 estimate that in 2016 HFT on average initiated 10-40% of trading volume in equities, and 10-15% of volume in foreign exchange and commodities. Intraday, however, proportion of HFT may vary from 0% to 100% of short-term trading volume. Previous estimates reporting that HFT accounted for 60-73% of all US equity trading volume, with that number falling to approximately 50% in 2012 were highly inaccurate speculative guesses. High-frequency traders move in and out of short-term positions at high volumes and high speeds aiming to capture sometimes a fraction of a cent in profit on every trade. HFT firms do not consume significant amounts of capital, accumulate positions or hold their portfolios overnight. As a result, HFT has a potential Sharpe ratio (a measure of reward to risk) tens of times higher than traditional buy-and-hold strategies. High-frequency traders typically compete against other HFTs, rather than long-term investors. HFT firms make up the low margins with incredibly high volumes of trades, frequently numbering in the millions.
A substantial body of research argues that HFT and electronic trading pose new types of challenges to the financial system. Algorithmic and high-frequency traders were both found to have contributed to volatility in the Flash Crash of May 6, 2010, when high-frequency liquidity providers rapidly withdrew from the market. Several European countries have proposed curtailing or banning HFT due to concerns about volatility.
Advanced computerized trading platforms and market gateways are becoming standard tools of most types of traders, including high-frequency traders. Broker-dealers now compete on routing order flow directly, in the fastest and most efficient manner, to the line handler where it undergoes a strict set of risk filters before hitting the execution venue(s). Ultra-low latency direct market access (ULLDMA) is a hot topic amongst brokers and technology vendors such as Goldman Sachs, Credit Suisse, and UBS. Typically, ULLDMA systems can currently handle high amounts of volume and boast round-trip order execution speeds (from hitting "transmit order" to receiving an acknowledgment) of 10 milliseconds or less.
Such performance is achieved with the use of hardware acceleration or even full-hardware processing of incoming market data, in association with high-speed communication protocols, such as 10 Gigabit Ethernet or PCI Express. More specifically, some companies provide full-hardware appliances based on FPGA technology to obtain sub-microsecond end-to-end market data processing.
Buy side traders made efforts to curb predatory HFT strategies. Brad Katsuyama, co-founder of the IEX, led a team that implemented THOR, a securities order-management system that splits large orders into smaller sub-orders that arrive at the same time to all the exchanges through the use of intentional delays. This largely prevents information leakage in the propagation of orders that high-speed traders can take advantage of.[112] In 2016, after having with Intercontinental Exchange Inc. and others failed to prevent SEC approval of IEX's launch and having failed to sue as it had threatened to do over the SEC approval, Nasdaq launched a 'speed bump' product of its own to compete with IEX. According to Nasdaq CEORobert Greifeld "the regulator shouldn’t have approved IEX without changing the rules that required quotes to be immediately visible".
https://en.wikipedia.org/wiki/High-frequency_trading
Michael Monroe Lewis (born October 15, 1960) is an American non-fiction author and financial journalist. His bestselling books include Liar's Poker (1989), The New New Thing (2000), Moneyball: The Art of Winning an UnfairGame (2003), The Blind Side: Evolution of a Game (2006), Panic (2008), Home Game: An AccidentalGuide to Fatherhood (2009), The Big Short: Inside the Doomsday Machine (2010), Boomerang: Travels in the New Third World (2011) and Flash Boys (2014). He has also been a contributing editor to Vanity Fair since 2009. His most recent book is called The UndoingProject.
https://en.wikipedia.org/wiki/Michael_Lewis
Image By MichaelIvanov (tug) [CC BY2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons

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It turns out that a theory explaining how we might detect parallel universes and prediction for the end of the world was proposed and completed by physicist Stephen Hawking shortly before he died ... &nbsp;. According to reports, the work predicts that the universe would eventually end when stars run out of energy ... ....

Article by WN.Com Correspondent Dallas DarlingIt wasn’t very long ago Republicans were accusing Democrats of either paying a few dollars to the homeless for votes or giving them a pack of cigarettes. But with Donald Trump, it’s obvious he paid $130,000 to an adult-film star in exchange for her silence last October and just before the general election ... Was the payment from his own account – or from a lawyer – or from campaign donations....

Using e-cigarettes may lead to an accumulation of fat in the liver, a study of mice exposed to the devices suggests. “The popularity of electronic cigarettes has been rapidly increasing in part because of advertisements that they are safer than conventional cigarettes ... Friedman of Charles R. Drew University of Medicine and Science in Los Angeles, California ... Circadian rhythm dysfunction is known to accelerate liver disease....

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Further opening-up will be a major theme for the Chinese capitalmarket this year, according to industry insiders ... Apart from the relaxed grip on foreign financial institutions in China, opening-up also means Chinesefinancial organizations will be allowed to reach overseas markets, said Zhou ... "For portfolio investment, it will refer to the opening-up of the financialmarket....

NEW YORK, March 19, 2018 /PRNewswire/ -- OTCMarketsGroupInc. (otcqx.OTCM), operator of financialmarkets for 10,000U.S ... and to help grow liquidity in its homemarket." ... Creating further exposure to U.S investors is of key strategic importance and we express our thanks to OTC Markets Group for facilitating this process," said DanielHolden, ChiefFinancialOfficer for Cognosec ... About OTC Markets Group Inc....

They made sense decades ago when financialmarkets were not developed enough to perform credit intermediation ... This is particularly relevant in India where we have spent half a century creating an over-banked economy and stifled financialmarkets in a futile attempt to make banking viable ... "India needs to move away from a bank dominated financial ......

According to the FinancialStabilityBoard, the relevance of cryptocurrencies is still too low to be a real threat to global financialmarket stability ... However, Mark Carney, President of the Financial Stability Board, has now rejected these claims from the highest G20 body ... Carney justifies the assessment of the Financial Stability Board for the regulation of cryptocurrencies with its small share of the global financial system....

In fact, FinancialStabilityBoard (FSB) PresidentMark Carney, who incidentally is also the Governor of the Bank of England, said in a statement that at this point there was no need for further cryptocurrency regulation since the total turnover of these currencies have very little, if any, effect on the current financialmarkets as they are ... https.//coingeek.com/financial-stability-board-turns-calls-cryptocurrency-regulation/....

Following are news stories, press reports and events to watch that may affect Poland's financialmarkets on Monday ... Poland's financialmarket regulator KNF has said the country's biggest bank, PKO BP, can spend up to 25 percent of last year's net profit on its dividend, the lender said late on Friday ... The Polish video games market is ......

...financial circles. At 70, he is well beyond official retirement age but stayed on following the handover of power to a new generation of leaders under PresidentXi Jinping in what was seen as an effort to reassure companies and financialmarkets of stability ... The ruling Communist Party has declared controlling financial risk a priority this year....

(THE CONVERSATION) In early February, concerns about inflation and rising interest rates sent global financialmarkets into a frenzy, prompting the biggest single-day drop ever in the Dow Jones Industrial Average... Our soon-to-be-published research shows that the same problems that led to the biggest financialmarket meltdown since the Great Depression are alive and well today....

The combination of having Liu and Yi as the countries top economic minds shows steps towards opening up financialmarkets and rethinking policies that were put in place after the market turmoil of 2015 -2016. “Liu and Yi have a shared understanding of the need for financialmarket reforms and liberalization, coupled with more effective regulation,” ......

Ahead of its end of year IPO, Kuwait’s Stock Exchange plans to divide its stock market into three market segments from April 1, 2018, aiming to attract liquidity for investors, Abdulrahman al-Failakawi, CapitalMarketsAuthority (CMA) representative, said last week ... The competition between Kuwait’s Boursa and Saudi’s Tadawul is on whom will become the second in the GCC after the DubaiFinancialMarket to raise cash through an IPO....

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